sebi:Order/JS/RJ/2025-26/32112

SEBI · SEBI · 2025-04-04 · Jai Sebastian, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Penalty imposed

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 15H
• s. 15J
• s. 28A

Regulations

• Reg. 4
• Reg. 3
• Reg. 3(a)
• Reg. 26

Parties

• Rashidaben Rahimbhai Sanghi

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 illiquid stock options contracts on BSE, and a monetary penalty of ₹6,00,000 was imposed under section 15HA of the SEBI Act.

Full text

Adjudication Order in respect of Rashidaben Rahimbhai Sanghi in the matter of dealings in Illiquid Stock Options on BSE Page 2 of 16 the same, such reversal trades were alleged to be deceptive and manipulative in nature.

Adjudication Order in respect of Rashidaben Rahimbhai Sanghi in the matter of dealings in Illiquid Stock Options on BSE Page 3 of 16 Regulations. It was alleged in the SCN that the Noticee was indulged in reversal and non-genuine trades and details of the trades including the trade dates, name of the counterparties, time, price and volume, etc., were provided to the Noticee as Annexure to the SCN.

Adjudication Order in respect of Rashidaben Rahimbhai Sanghi in the matter of dealings in Illiquid Stock Options on BSE Page 4 of 16 the Settlement Scheme 2024 was extended to June 10, 2024 by SEBI. The said PSI was duly served on the Noticee through SPAD and email. It is observed that Noticee did not avail the Settlement Scheme 2024 and accordingly, the adjudication proceedings against the Noticee were resumed.

Source: SecMarx — sebi:Order/JS/RJ/2025-26/32112. 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.