sebi:Order/MC/HP/2021-2022/13083
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty of Rs.10,00,000 imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 4(2)(a)
Parties
- Jai Annanya Investments Pvt. Ltd.
Holding
The Noticee violated Regulation 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations by engaging in non-genuine reversal trades in illiquid stock options and is liable for a monetary penalty of Rs.10,00,000 under Section 15HA of the SEBI Act.
Full text
Adjudication Order in the matter of dealing in Illiquid Stock Options on the BSE Page 2 of 17 Regulation 4(1), 4(2)(a) SEBI (Prohibition of Fraudulent and Unfair Trading Practices related to Securities Markets) Regulations, 2003 (hereinafter referred to as, “PFUTP Regulations”).
Adjudication Order in the matter of dealing in Illiquid Stock Options on the BSE Page 3 of 17 b) The Noticee is alleged to have engaged in 493 such reversal trades in 98 unique contracts, which led to generation of alleged artificial volume of 7,29,92,828 units, between December 29, 2014 and March 31, 2015.
Adjudication Order in the matter of dealing in Illiquid Stock Options on the BSE Page 4 of 17 14 BOBL15APR150.00CEW1 18.12 200000 28.10 200000 100% 13% 15 BOBL15MAR160.00CEW3 21.52 150000 31.50 150000 100% 16% 16 BOBL15MAR190.00CEW2 0.10 181250 5.60 181250 100% 100% 17 BOIL15FEB245.00CE 0.10 350000 5.80 350000 100% 100% 18 CARN15APR200.00CEW1 19.43 213000 34.43 213000 100% 28% 19 CARN15APR205.00CEW1 17.18 200000 29.15 200000 100% 74% 20 CARN15MAR230.00CEW1 16.63 144000 25.65 144000 100% 28% 21 COAL15APR340.00CEW1 26.05 300000 40.95 300000 100% 47% 22 COAL15MAR350.00CEW1 14.47 112000 31.00 112000 100% 41% 23 DABU15APR250.00CEW1 21.35 43000 29.30 43000 100% 4% 24 DISH15MAR60.00CEW2 25.08 240000 33.40 240000 100% 49% 25 DLFL15APR130.00CEW2 23.07 202000 41.34 202000 100% 45% 26 DLFL15APR140.00CEW1 18.69 526000 28.59 526000 100% 42% 27 ENGI15APR185.00CEW1 19.92 117000 32.73 117000 100% 100% 28 ENGI15MAR190.00CEW2 20.36 347000 29.69 347000 100% 100% 29 EXID15FEB200.00PE 19.92 76000 30.40 76000 100% 58% 30 EXID15MAR160.00CEW1 21.21 332000 30.15 332000 100% 62% 31 EXID15MAR160.00CEW2 19.98 112000 29.10 112000 100% 85% 32 FEDB15APR115.00CEW1 20.12 500000 30.05 500000 100% 63% 33 FEDB15FEB120.00PE 0.10 250000 2.00 250000 100% 100% 34 FEDB15FEB125.00PE 0.10 792000 2.00 792000 100% 100% 35 FEDB15MAR120.00CEW2 24.17 72000 38.05 72000 100% 11% 36 FEDB15MAR120.00CEW3 21.11 562000 29.10 562000 100% 71% 37 GMRI15FEB16.00PE 0.10 477000 1.10 477000 100% 7% 38 GMRI15FEB16.00PEW3 0.35 144000 1.35
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Source: SecMarx — sebi:Order/MC/HP/2021-2022/13083. 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.