sebi:Order/JS/DP/2025-26/32228
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 26
Parties
- Sanjay Kumar
Holding
The Noticee violated regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations by executing non-genuine reversal trades in stock options on BSE that created artificial volumes, and a monetary penalty of ₹6,00,000 was imposed under section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Sanjay Kumar in the matter of dealings in Illiquid Stock Options on BSE Page 2 of 13 reversal trades in stock options segment of BSE during the IP. His trades were alleged to be non-genuine in nature which created false or misleading appearance of trading in terms of artificial volumes in stock options. Therefore, his trades were alleged to be manipulative and 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”).
Adjudication Order in respect of Sanjay Kumar in the matter of dealings in Illiquid Stock Options on BSE Page 3 of 13 Table No. 1
Adjudication Order in respect of Sanjay Kumar in the matter of dealings in Illiquid Stock Options on BSE Page 4 of 13 9. The Post SCN Intimation (hereinafter referred to as “PSI”) dated August 18, 2022 issued to Noticee stated 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 further stated that the Settlement Scheme 2022 provided a one- time opportunity to the entities against whom proceedings were initiated and appeals against the said proceedings were pending, to settle the proceedings. The scheme commenced on August 22, 2022 and remained open for a period of three months. Later, the applicable period of the Settlement Scheme 2022 was extended to January 21, 2023 by SEBI. The said PSI was delivered to the Noticee.
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Source: SecMarx — sebi:Order/JS/DP/2025-26/32228. 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.