sebi:Order/BS/YK/2023-24/28286
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Facts / Headnote
Adjudication proceedings abated; Show Cause Notice dated November 30, 2021 disposed of without going into merits
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 3(a)
Parties
- Pushpa Devi Poddar
Holding
The adjudication proceedings against the deceased Noticee abate without going into the merits of the case, and the Show Cause Notice dated November 30, 2021 issued against her is disposed of.
Full text
In the matter of dealings in Illiquid Stock Options at BSE Page 2 of 4 creation of artificial volume to the tune of 826.21 crore units or 54.68% of the total market volume in Stock Options segment of BSE during the IP.
In the matter of dealings in Illiquid Stock Options at BSE Page 3 of 4 APPOINTMENT OF ADJUDICATING OFFICER 5. Vide an order of the Competent Authority dated July 06, 2021, SEBI initiated adjudication under Section 15-I of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “Adjudication Rules”) to inquire and adjudge under section 15HA of SEBI Act. Subsequently, vide communique dated April 24, 2023, the undersigned has been appointed as the Adjudicating Officer.
In the matter of dealings in Illiquid Stock Options at BSE Page 4 of 4 maxim action personalis moritur cum persona (personal action dies with the death of the person) would apply. It is also relevant to refer to the decision of Hon’ble SAT in Chandravadan J. Dalal vs. SEBI (Appeal No. 35/2004 decided on June 15, 2005) wherein it was held that: “The appeal abates since the appellant during the pendency of the appeal died on 29th November2004. The appeal accordingly abates. The penalty imposed on the original appellant being personal in nature also abates.”
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Source: SecMarx — sebi:Order/BS/YK/2023-24/28286. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.