sebi:Order/PB/AS/2021-22/14854
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Facts / Headnote
Violation established; penalty of ₹5,00,000 imposed under section 15HA of the SEBI Act, 1992
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Nisha Balasia (PAN-AHYPK7057Q)
Holding
The Adjudicating Officer held that the Noticee violated regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003 by executing 12 non-genuine reversal trades in 6 stock options contracts on BSE that created artificial volume, and imposed a penalty of ₹5,00,000 under section 15HA of the SEBI Act, 1992.
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. It was observed that Nisha Balasia (PAN-AHYPK7057Q) (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 relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”).
Page 3 of 27 read with section 15-I(1) and (2) of SEBI Act, 1992, and if satisfied that penalty is liable, impose such penalty deemed fit in terms of rule 5 of Adjudication Rules and section 15HA of SEBI Act, 1992.
Page 4 of 27 5 JAIA15APR16.00CE 3 112000 4.25 112000 100 16.67 100 10.77 6 YESB15JUL800.00PE 1.5 8000 20.5 8000 100 25 100 15.17
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Source: SecMarx — sebi:Order/PB/AS/2021-22/14854. 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.