sebi:Order/GR/HK/2023-24/29090
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty of ₹5,00,000 imposed under Section 15HA of the SEBI Act, 1992
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 26
Parties
- Mangal Kumar (PAN: AQCPK2138B)
Holding
The Noticee Mangal Kumar was found to have 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 a penalty of ₹5,00,000 was imposed under Section 15HA of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Mangal Kumar in the matter of trading in Illiquid Stock Options at BSE Page 2 of 21 various entities who indulged in execution of reversal trades in stock options segment of BSE during the IP. Such trades were alleged to be non-genuine in nature and created false or misleading appearance of trading in terms of artificial volumes in stock options and therefore were alleged to be manipulative, deceptive in nature. In view of the same, SEBI initiated adjudication proceedings against the Noticee for alleged violation of the provisions of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”).
Adjudication Order in respect of Mangal Kumar in the matter of trading in Illiquid Stock Options at BSE Page 3 of 21 4. A Show Cause Notice dated September 05, 2022 (hereinafter referred to as “SCN”) was issued to the Noticee under Rule 4(1) of the Adjudication Rules to show-cause as to why an inquiry should not be initiated against him and why penalty should not be imposed under Section 15HA of the SEBI Act, 1992 for the violations alleged to have been committed by the Noticee.
Adjudication Order in respect of Mangal Kumar in the matter of trading in Illiquid Stock Options at BSE Page 4 of 21 7 NHPC14JUL2 4.00PEW2 0.05 12000 0.75 12000 100 40 100 25 8 NHPC14JUN1 6.00PEW2 0.85 72000 0.05 72000 100 50 100 50 9 PGCL14AUG 140.00CEW2 2.15 119000 0 0.05 117200 0 100 100 99.24 99.24
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/GR/HK/2023-24/29090. 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.