sebi:Order/PB/AS/2021-22/14655
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Facts / Headnote
Noticee found to have violated regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations, 2003 and penalty of Rs.5,00,000 imposed under section 15HA of SEBI Act, 1992
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Nikita Tolani
Holding
The Noticee executed 28 non-genuine reversal trades in 13 stock options contracts on BSE creating artificial volume of 2,13,000 units, thereby violating regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations, 2003, and is liable to monetary penalty of Rs.5,00,000 under section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 19 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. It was observed that Nikita Tolani (PAN-ACCPT3107F) (hereinafter referred to as the “Noticee”) was one of the various entities who 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 were alleged to be manipulative and 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 19 section 15HA of SEBI Act, 1992. Pursuant to transfer of Shri K Saravanan, the undersigned was appointed as Adjudicating Officer in the matter, conveyed vide communique dated July 14, 2021.
Page 4 of 19 5 CANB15FEB400.00CEW1 35 10000 56.5 10000 100 50 100 58.82 6 CENT15FEB520.00CEW1 33.04 12500 54.3 12500 100 100 100 100 7 GAIL15FEB370.00CEW2 24.5 10000 40.6 10000 100 100 100 100 8 HPCL15FEB560.00CEW1 49 5000 76 5000 100 100 100 100 9 IRBI15FEB240.00CEW1 19.8 10000 33.2 10000 100 100 100 100 10 RECL15FEB270.00CEW2 37.1 10000 52 10000 100 100 100 100 11 RLNF15FEB450.00CEW1 32 7000 53.5 7000 100 100 100 100 12 SMIL15FEB350.00CEW2 51.75 10000 74 10000 100 100 100 100 13 STAC15MAR960.00CE 97.1 7000 135 7000 100 50 100 63.64
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Source: SecMarx — sebi:Order/PB/AS/2021-22/14655. 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.