sebi:Order/EB/PB/2022-23/15820
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Facts / Headnote
Violation established; minimum penalty of Rs. 5,00,000 imposed under section 15HA of the SEBI Act, 1992
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Nayana Manoj Shah
Holding
The Adjudicating Officer held that Nayana Manoj Shah violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003 by executing non-genuine reversal trades in illiquid stock options at BSE, and imposed the minimum penalty of Rs. 5,00,000 under section 15HA of the SEBI Act, 1992.
Full text
Adjudication order in respect of Nayana Manoj Shah in the matter of dealings in Illiquid Stock Options at the BSE Page 2 of 14
Adjudication order in respect of Nayana Manoj Shah in the matter of dealings in Illiquid Stock Options at the BSE Page 3 of 14 Settlement Scheme in 2020 and whose reversal trades allegedly involved squaring off of open positions with a significant price difference without any basis. The aforesaid reversal trades allegedly contributed to the generation of artificial volumes, leading to
Adjudication order in respect of Nayana Manoj Shah in the matter of dealings in Illiquid Stock Options at the BSE Page 4 of 14 Contract Name VOLT15MAR220.00CE Average Buy rate (in Rs.) 38.2 Total Buy Volume (in no. of units) 50,000 Buy Value (in Rs.) 19,10,000 Average Sell rate (in Rs.) 57.35 Total Sell Volume (in no. of units) 50,000 Sell Value (in Rs.) 28,67,500 % of non-genuine trades of Noticee in the contract to Noticee's Total number of trades in the Contract 100.00% % of non-genuine trades of Noticee in the contract to Total number of trades in the Contract 4.17% % of Artificial Volume generated by Noticee in the contract to Noticee's Total Volume in the Contract 100.00% % of Artificial Volume generated by Noticee in the contract to Total Volume in the Contract 6.01%
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Source: SecMarx — sebi:Order/EB/PB/2022-23/15820. 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.