sebi:Order/MR/VV/2021-22/15508
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Facts / Headnote
Violation established; penalty of INR 5,00,000 imposed under Section 15HA
Provisions invoked
- s. 15H
- s. 15I
- s. 15J
- s. 15
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Sukriti Sinha
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 generating artificial volume, and is liable to a penalty of INR 5,00,000 under section 15HA of the SEBI Act.
Full text
Page 2 of 16 B. APPOINTMENT OF ADJUDICATING OFFICER 3. SEBI initiated adjudication proceedings and appointed the undersigned as the adjudicating officer under section 15I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the “SEBI Act”) read with rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as the “Adjudication Rules”) vide order dated July 2, 2021 to inquire into and adjudge under section 15HA of the SEBI Act, against the Noticee for the alleged violation of the aforesaid provisions of the PFUTP Regulations. The said appointment was communicated vide communiqué dated July 6, 2021.
Page 3 of 16 c) In the said contract, the trades entered by the Noticee were reversed with the same counterparty at a substantial price difference without any basis, which indicates that these trades were artificial and non-genuine in nature; and
Page 4 of 16 3 PM vide Notice of Hearing dated December 20, 2021. Pursuant to the issuance of the hearing notice, the Noticee filed a detailed reply vide email dated January 20, 2022 (hereinafter referred to as the “reply”) wherein the Noticee has, inter alia, raised the following contentions:
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Source: SecMarx — sebi:Order/MR/VV/2021-22/15508. 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.