sebi:Order/JS/YK/2025-26/32197
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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. 3(a)
- Reg. 26
Parties
- Akash
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 that created artificial volumes in illiquid stock options contracts 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 Akash in the matter of dealings in Illiquid Stock Options on BSE Page 2 of 14 as the “Noticee”) was one of the entities who indulged in execution of reversal trades in stock options segment of BSE during the IP. The Noticee 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, Noticee’s 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 Akash in the matter of dealings in Illiquid Stock Options on BSE Page 3 of 14 counterparties, time, price and volume, etc., were provided to the Noticee as Annexure to the SCN.
Adjudication Order in respect of Akash in the matter of dealings in Illiquid Stock Options on BSE Page 4 of 14 Noticee by e-mail and SPAD. It is observed that Noticee did not avail the Settlement Scheme 2024 and accordingly, the adjudication proceedings against the Noticee were resumed.
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Source: SecMarx — sebi:Order/JS/YK/2025-26/32197. 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.