sebi:Order/GR/AE/2019-20/4524
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Facts / Headnote
Violation found; penalty of Rs. 5,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 11B
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 200
- Reg. 2
- Reg. 3(a)
- Reg. 2(1)
- Reg. 2(1)(c)(8)
Parties
- Geo Fresh Organic
Holding
The Noticee violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) of PFUTP Regulations by executing non-genuine reversal trades in illiquid BSE Stock Options creating artificial volume, and a monetary penalty of Rs. 5,00,000 under Section 15HA of the SEBI Act was imposed.
Full text
Adjudication Order in respect of Geo Fresh Organic Page 2 of 26 3. In view of the large scale reversal of trades that were observed in the illiquid Stock Options segment at BSE, it is alleged that these trades were non-genuine in nature. It was observed that Geo Fresh Organic (hereinafter referred to as ‘Noticee’) was one of the various entities which indulged in execution of the non- genuine trades in the Stock Options Segment at BSE during the above referred investigation period. It was observed that Noticee had entered into reversal trades with its counterparties which involved squaring off transactions with significant difference in sell value and buy value of the transactions.
Adjudication Order in respect of Geo Fresh Organic Page 3 of 26 proceedings are therefore been carried forward where they had been left off by the previous AO, and an opportunity of personal hearing was granted as detailed hereinafter.
Adjudication Order in respect of Geo Fresh Organic Page 4 of 26 by system. We are herewith enclosing detail Contract Note Issued by Brokers for your reference.”
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Source: SecMarx — sebi:Order/GR/AE/2019-20/4524. 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.