sebi:Order/RJ/PG/2021-22/14718

SEBI · SEBI · 2021-07-02 · Ratan Lal Jat, Adjudicating Officer

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Facts / Headnote

Violations of PFUTP Regulations, 2003 established; minimum penalty imposed under Section 15HA of the SEBI Act, 1992

Provisions invoked

• s. 15
• s. 19
• s. 15H
• s. 15I
• s. 15J
• s. 11C
• s. 28A
• s. 15I(1)

Regulations

• Reg. 4
• Reg. 3
• Reg. 2(1)(c)
• Reg. 3(a)

Parties

• Sureena C Shah

Holding

The Noticee was found to have executed non-genuine reversal trades in the illiquid Stock Options segment of BSE, violating Regulations 3(a), 3(b), 3(c), 3(d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003, and the minimum penalty under Section 15HA of the SEBI Act, 1992 was imposed.

Full text

Adjudication Order in respect of Sureena C Shah Page 2 of 30 Sureena C Shah (hereinafter referred to as ‘Noticee’) was one of the various entities who were indulged in execution of non-genuine trades in Stock Options Segment of BSE during the investigation period. The following points narrate the dealings of the Noticee during the investigation period and the allegations against her for execution of non-genuine trades.

Adjudication Order in respect of Sureena C Shah Page 3 of 30 allegedly generated artificial volume of 1,44,000 units which is 6.34% of the total volume traded in the said contract in the market during the Investigation Period.

Adjudication Order in respect of Sureena C Shah Page 4 of 30 served upon the Noticee under Rule 4 of the Adjudication Rules,1995 to show cause as to why an inquiry be not held against her in terms of Rule 4 of the Adjudication Rules,1995 and penalty be not imposed under Section 15HA of the SEBI Act, 1992 for the violations alleged to have been committed by her. The SCN was sent to the Noticee vide Speed Post AD and was duly served on the Noticee as per the Tracking details obtained from the India Post website.

Source: SecMarx — sebi:Order/RJ/PG/2021-22/14718. 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.