sebi:Order/SM/DD/2023-24/27838
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Facts / Headnote
Ex parte order holding violations established and imposing penalty of Rs.5,00,000 under Section 15HA of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 2(1)
- Reg. 4(2)
- Reg. 3(a)
- Reg. 26
- Reg. 2(1)(c)(8)
Parties
- Pankaj Goel
Holding
The Noticee Pankaj Goel 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 at BSE and is liable to a monetary penalty of Rs.5,00,000 under Section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Pankaj Goel in the matter of Illiquid Stock Options at BSE. Page 2 of 16 in the sell value and buy value of the transactions. The aforesaid reversal trades allegedly resulted into generation of artificial volumes, leading to
Adjudication Order in respect of Pankaj Goel in the matter of Illiquid Stock Options at BSE. Page 3 of 16 6. In the aforesaid SCN, it was alleged that Noticee, by indulging in execution of aforesaid non-genuine reversal trades, had violated Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) of PFUTP Regulations,2003, which are reproduced as follows: “3. Prohibition of certain dealings in securities No person shall directly or indirectly— (a) buy, sell or otherwise deal in securities in a fraudulent manner; (b) use or employ, in connection with issue, purchase or sale of any security listed or proposed to be listed in a recognized stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of the Act or the rules or the regulations made there under; (c) employ any device, scheme or artifice to defraud in connection with dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange; (d) engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person in connection with any dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange in contravention of the provisions of the Act or the rules and the regulations made there under.
Adjudication Order in respect of Pankaj Goel in the matter of Illiquid Stock Options at BSE. Page 4 of 16 (hereinafter referred to as “SEBI Settlement Scheme”) framed by SEBI in the matter of Illiquid Stock Options. The intimation regarding settlement scheme given to the Noticee in the SCN is reproduced herein below:
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Source: SecMarx — sebi:Order/SM/DD/2023-24/27838. 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.