sebi:Order/JS/VC/2025-26/31953
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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
- Nishaa Anand
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 ₹5,00,000 was imposed under section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Nishaa Anand in the matter of dealings in Illiquid Stock Options on BSE Page 2 of 13 3. During the IP, 14,720 entities were found to have executed non-genuine trades in BSE’s stock options segment. It was observed that Nishaa Anand (hereinafter referred to as the “Noticee”) was one of the entities who indulged in execution of reversal trades in stock options segment of BSE during the IP. Her 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, her 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 Nishaa Anand in the matter of dealings in Illiquid Stock Options on BSE Page 3 of 13 Table No. 1
Adjudication Order in respect of Nishaa Anand in the matter of dealings in Illiquid Stock Options on BSE Page 4 of 13 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 3 months. Later, the applicable period of the Settlement Scheme 2022 was extended to January 21, 2023 by SEBI. The PSI issued to the Noticee through SPAD also returned undelivered to SEBI.
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Source: SecMarx — sebi:Order/JS/VC/2025-26/31953. 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.