sebi:Order/JS/VC/2025-26/32205
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Facts / Headnote
Violation established; monetary penalty imposed ex parte
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
- Shanti Bhutra
Holding
The Noticee violated regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of PFUTP Regulations by executing non-genuine reversal trades in illiquid stock options, and a monetary penalty of Rs. 5,00,000 under section 15HA of SEBI Act was imposed.
Full text
Adjudication Order in respect of Shanti Bhutra 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 Shanti Bhutra (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 Shanti Bhutra in the matter of dealings in Illiquid Stock Options on BSE Page 3 of 13 44,000 units. Summary of the dealings of the Noticee in said options contract, in which she allegedly executed reversal trade during the IP, is as follows: Table No. 1
Adjudication Order in respect of Shanti Bhutra in the matter of dealings in Illiquid Stock Options on BSE Page 4 of 13 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 PSI dated August 08, 2022 was served to the Noticee through SPAD and email.
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Source: SecMarx — sebi:Order/JS/VC/2025-26/32205. 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.