sebi:Order/JS/DP/2025-26/31847
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Facts / Headnote
Abated - adjudication proceedings abated without going into merits and SCN dated August 30, 2022 disposed of accordingly due to death of Noticee
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 3(a)
- Reg. 26
Parties
- Madhuri Tandon
Holding
The adjudication proceedings against Late Ms. Madhuri Tandon are abated without going into the merits of the case, and the Show Cause Notice dated August 30, 2022 issued against her is disposed of accordingly.
Full text
Adjudication Order in respect of Madhuri Tandon in the matter of dealings in Illiquid Stock Options on BSE Page 2 of 4 contracts. In view of the same, such reversal trades were alleged to be deceptive and manipulative in nature.
Adjudication Order in respect of Madhuri Tandon in the matter of dealings in Illiquid Stock Options on BSE Page 3 of 4 Regulations. Noticee was further informed that SEBI had introduced a Settlement Scheme, i.e., SEBI Settlement Scheme, 2022 (hereinafter referred to as “Settlement Scheme 2022”) in terms of regulation 26 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as “Settlement Regulations”). It was informed that the Settlement Scheme 2022 provides a one-time opportunity to the entities against whom proceedings were initiated and appeals against the said proceedings were pending. The scheme commenced from August 22, 2022 and remained open for a period of 3 months. Later, the applicable period of the Settlement Scheme 2022 was extended to January 21, 2023 by SEBI.
Adjudication Order in respect of Madhuri Tandon in the matter of dealings in Illiquid Stock Options on BSE Page 4 of 4 the right to sue will not survive to or against the representatives and in such cases the maxim actio 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 Securities Appellate Tribunal in Chandravadan J. Dalal v. 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 November 2004. 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/JS/DP/2025-26/31847. 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.