sebi:Order/JS/RJ/2025-26/32173
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; monetary 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
- Kusum Devi Agarwal
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 creating artificial volume in illiquid stock options, and a monetary penalty of Rs. 5,00,000 under section 15HA of the SEBI Act was imposed.
Full text
Adjudication Order in respect of Kusum Devi Agarwal in the matter of dealings in Illiquid Stock Options on BSE Page 2 of 13
Adjudication Order in respect of Kusum Devi Agarwal in the matter of dealings in Illiquid Stock Options on BSE Page 3 of 13
Adjudication Order in respect of Kusum Devi Agarwal in the matter of dealings in Illiquid Stock Options on BSE Page 4 of 13
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Source: SecMarx — sebi:Order/JS/RJ/2025-26/32173. 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.