sebi:Order/SM/AD/2023-24/26088
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Facts / Headnote
Penalty imposed on Noticee for violation of PFUTP Regulations, 2003
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 26
Parties
- Usha Maurya
Holding
The Noticee violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003 by executing non-genuine reversal trades in illiquid stock options contracts at BSE, and a penalty of Rs. 5,00,000/- was imposed under Section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Usha Maurya in the matter of Illiquid Stock Options at BSE. Page 2 of 18 3. Usha Maurya (“the Noticee”) was one such client whose reversal trades involved squaring off transactions with significant difference in the sell value and buy value of the transactions. The aforesaid reversal trades allegedly resulted into generation of artificial volumes, leading to allegations that the Noticee had violated Regulation 3(a), (b), (c), (d) and Regulation 4(1), 4(2)(a) SEBI (Prohibition of Fraudulent and Unfair Trading Practices related to Securities Markets) Regulations, 2003 (hereinafter, referred to as “PFUTP Regulations, 2003”).
Adjudication Order in respect of Usha Maurya in the matter of Illiquid Stock Options at BSE. Page 3 of 18 imposed against the Noticee under Section 15HA of the SEBI Act for the alleged violations of Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the PFUTP Regulations, 2003 by Noticee.
Adjudication Order in respect of Usha Maurya in the matter of Illiquid Stock Options at BSE. Page 4 of 18 7. The SCN was served on the Noticee via email dated August 10, 2022. The proof of service is on record.
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Source: SecMarx — sebi:Order/SM/AD/2023-24/26088. 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.