sebi:Order/KS/AS/2020-21/10147
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Facts / Headnote
Finding recorded that Noticee indulged in non-genuine reversal trades; operative penalty not in provided excerpt
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 26
Parties
- Sanjivani Multivit Herbal Products Ltd.
Holding
The Noticee executed non-genuine reversal trades in the stock options segment of BSE that created artificial volume and a false or misleading appearance of trading.
Full text
Page 2 of 27 2. Pursuant to investigation, it was observed that total 2,91,643 trades comprising substantial 81.38% of all the trades executed in stock options segment of BSE during the IP were non genuine trades. The aforesaid non-genuine trades resulted into creation of artificial volume to the tune of 826.21 crore units or 54.68% of the total market volume in stock options segment of BSE during the IP. It was observed that Sanjivani Multivit Herbal Products Ltd. (hereinafter referred to as the “Noticee”) was one of the various entities which indulged in execution of reversal trades in stock options segment of BSE during the IP. Such trades were observed to be non-genuine in nature and created false or misleading appearance of trading in terms of artificial volumes in stock options and therefore alleged to be manipulative, deceptive in nature. In view of the same, SEBI initiated adjudication proceedings against the Noticee for 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, 2003”).
Page 3 of 27 show-cause as to why an inquiry should not be initiated against the Noticee and why penalty should not be imposed upon the Noticee under Section 15HA of the SEBI Act, 1992 for the violations alleged to have been committed by the Noticee.
Page 4 of 27 14 ARVI15APR290.00PEW2 12.10 24000 2.90 24000 100% 100% 100% 100% 15 ARVI15APR300.00PEW2 19.20 24000 8.90 24000 100% 100% 100% 100% 16 AUPL15APR1200.00CE 42.50 15000 25.50 15000 100% 20% 100% 24% 17 AXIS15APR520.00PE 14.60 40000 11.00 40000 100% 100% 100% 100% 18 AXIS15APR540.00CE 27.00 40000 21.00 40000 100% 17% 100% 9% 19 AXIS15APR560.00PE 31.00 40000 25.00 40000 100% 12% 100% 20% 20 AXIS15APR580.00PE 50.00 40000 43.00 40000 100% 100% 100% 100% 21 AXIS15APR600.00CE 9.30 40000 5.50 40000 100% 33% 100% 23% 22 BAJT15APR2040.00CEW1 12.75 20000 3.00 20000 100% 14% 100% 18% 23 BHEL15APR230.00CEW1 28.90 25000 22.50 25000 100% 33% 100% 23% 24 BHEL15APR240.00CEW1 2.25 80000 0.30 80000 100% 13% 100% 19% 25 BHEL15APR270.00PEW2 19.20 24000 11.90 24000 100% 100% 100% 100% 26 BIOC15APR420.00CEW2 30.50 18000 22.10 18000 100% 100% 100% 100% 27 BIOC15APR450.00PEW1 13.90 23000 5.20 23000 100% 20% 100% 6% 28 BIOC15APR460.00PEW1 22.10 24000 11.20 24000 100% 100% 100% 100% 29 BOBL15APR160.00CEW1 14.20 37500 10.25 37500 100% 17% 100% 15% 30 BOBL15APR170.00CEW1 1.05 80000 0.15 80000 100% 10% 100% 18% 31 BOBL15APR180.00CEW1 2.95 38750 0.35 38750 100% 20% 100% 19% 32 CRGL15APR165.00CEW1 1.75 90000 0.30 90000 100% 17% 100% 29% 33 CRGL15APR185.00PEW1 29.20 238000 18.68 238000 100% 75% 100% 93% 34 DABU15APR270.00CEW1 5.95 75000 3.19 75000 100% 25% 100% 23% 35 DISH15APR80.00CEW1 0.80 264000 0.08 264000 100% 67% 100% 73% 36 DIVI15APR1800.00CEW1 28.95 15000 18.50 15000 100% 14% 100% 14% 37 D
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Source: SecMarx — sebi:Order/KS/AS/2020-21/10147. 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.