sebi:Order/GR/PU/2023-24/28908
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Facts / Headnote
Violation established; penalty of Rs 5,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 19
- s. 11B
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 26
Parties
- Jatinder Kaur
Holding
The Noticee violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations, 2003 by executing non-genuine reversal trades in illiquid stock options at BSE, and a monetary penalty of Rs 5,00,000 under Section 15HA of the SEBI Act, 1992 was imposed.
Full text
Adjudication Order in respect of Jatinder Kaur in the matter of trading in Illiquid Stock Options at BSE Page 2 of 19 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 the 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 Jatinder Kaur in the matter of trading in Illiquid Stock Options at BSE Page 3 of 19 Options contracts, in which the Noticee allegedly executed non-genuine trades during the I.P, is as follows:
Adjudication Order in respect of Jatinder Kaur in the matter of trading in Illiquid Stock Options at BSE Page 4 of 19 artificial volume generated by the Noticee in the above contract to the total volume from the market in said contract was in the range of 4.65% to 17.65%. Therefore, the Noticee allegedly generated artificial volume in the above contract.
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Source: SecMarx — sebi:Order/GR/PU/2023-24/28908. 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.