sebi:Order/SBM/AR/2018-19/2029
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on Noticee for fraudulent and unfair trade practices
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- M/s A K Investments
Holding
The Noticee, M/s A K Investments, violated Regulations 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations by executing 86 non-genuine reversal trades in 38 illiquid Stock Option contracts at BSE, generating artificial volume of 1,74,37,536 units, and is liable for a penalty of Rs. 7,00,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 17 contract on the same day. It was also observed that the aforesaid trades resulted into creation of artificial volume to the tune of 826.21 crore units or 54.68% of the total market volume in Stock Options segment of BSE during the investigation period. In view of the large scale reversal of trades that were observed in the illiquid Stock Options segment at BSE, it is alleged that these trades were non-genuine in nature.
Page 3 of 17 section 15HA of the SEBI Act for the aforementioned alleged violation of the provisions of law by the Noticee. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 17 trades in the Contract the Contract Total Volume in the Contract in the Contract 1 ADPW15MAR52.00PEW2 0.10 904000 1.20 904000 100% 14% 100% 24% 2 ALLD15FEB55.00PEW3 0.10 536000 1.95 536000 100% 40% 100% 72% 3 ANBK15JUN75.00CEW2 0.40 144000 1.80 144000 100% 100% 100% 100% 4 ANBK15MAR85.00PEW2 0.15 648000 1.85 648000 100% 20% 100% 28% 5 AXIS15MAR620.00CE 3.00 64500 18.50 64500 100% 50% 100% 23% 6 BOBL15MAR185.00CE 0.50 181250 6.00 181250 100% 10% 100% 16% 7 DHFL15SEP440.00CEW1 18.55 60000 24.00 60000 100% 67% 100% 83% 8 DISH15JUN115.00CEW2 0.10 300000 1.10 300000 100% 100% 100% 100% 9 FEDB15AUG85.00PEW3 13.00 20000 17.70 20000 100% 13% 100% 3% 10 FEDB15MAY130.00CE 8.30 72000 15.30 72000 100% 25% 100% 25% 11 GMRI15JUL20.00PEW2 2.90 195000 5.50 195000 100% 100% 100% 100% 12 GMRI15MAY10.00CE 2.80 146768 4.50 146768 100% 13% 100% 13% 13 HDBK15FEB1000.00CE 67.00 3750 93.00 3750 100% 50% 100% 50% 14 HDIL15MAR120.00CEW2 0.30 432000 3.30 432000 100% 5% 100% 17% 15 HXTL15SEP245.00PEW1 0.20 55000 4.75 55000 100% 50% 100% 83% 16 IDEA15MAR140.00CEW1 9.75 106000 19.20 106000 100% 15% 100% 7% 17 IDFC15MAR175.00PE 1.50 104000 6.30 104000 100% 13% 100% 8% 18 IFCI15MAY34.00PEW3 2.30 232000 3.60 232000 100% 50% 100% 67% 19 INCM15MAY100.00PEW3 6.30 44000 10.80 44000 100% 20% 100% 16% 20 IOBL15SEP40.00PE 4.25 152000 7.40 152000 100% 35% 100% 58% 21 JAIA15MAY14.00CEW2 3.50 112000 7.00 112000 100% 15% 100% 13% 22 JAIA15MAY16.00CEW3 2.00 128000 3.10 128000 100% 14% 100% 11% 23 JPPW15MAY1
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/SBM/AR/2018-19/2029. 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.