sebi:Order/JS/YK/2025-26/31836
Facts / Headnote
Penalty imposed on the Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 15H
- s. 15J
- s. 28A
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
Parties
- Aditya Dhabria
Holding
The Noticee, Aditya Dhabria, was found to have 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 on BSE, and a monetary penalty of ₹5,00,000 was imposed under section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Aditya Dhabria in the matter of dealings in Illiquid Stock Options on BSE Page 2 of 18 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 Aditya Dhabria (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. 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 Aditya Dhabria in the matter of dealings in Illiquid Stock Options on BSE Page 3 of 18 counterparties, time, price and volume, etc., were provided to the Noticee as Annexure to the SCN.
Adjudication Order in respect of Aditya Dhabria in the matter of dealings in Illiquid Stock Options on BSE Page 4 of 18 order are executed within seconds from one another. Therefore, sell and buy order which are placed around 8 minutes apart from each other cannot be alleged to be reversal trades.
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Source: SecMarx — sebi:Order/JS/YK/2025-26/31836. 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.