sebi:Order/SV/RM/2023-24/27026
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Facts / Headnote
Proceedings abated due to death of Noticee; SCN dated September 03, 2021 disposed of without going into merits
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
Regulations
- Reg. 3(a)
- Reg. 26
Parties
- Mr. Man Prakash Biyani
Holding
The adjudication proceedings against Mr. Man Prakash Biyani abate on account of his death on September 15, 2018, and the SCN dated September 03, 2021 is disposed of accordingly without going into the merits.
Full text
Adjudication Order in respect of Mr. Man Prakash Biyani in the matter of Illiquid Stock Options at BSE. Page 2 of 4 ‘DLFL15JUL100.00PEW4’, which led to generation of alleged artificial volume of 4,00,000 units (buy side + sell side) which made up 31.4% of the total market volume in the said contract. These trades entered by the Noticee were reversed within a few minutes with same counterparty at a substantial price difference without any basis for significant change in the contract price. This prima facie indicated that these trades were artificial and are non-genuine in nature.
Adjudication Order in respect of Mr. Man Prakash Biyani in the matter of Illiquid Stock Options at BSE. Page 3 of 4 August 02, 2022 was served on the Noticee, informing him about the SEBI Settlement Scheme, 2022, in terms of Regulation 26 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 in the matter of Illiquid Stock Options and in case, Noticee did not wish to avail of the facility under the SEBI Settlement Scheme, 2022, Noticee was advised to file a reply to the SCN within 30 days of the receipt of the notice. The SCN as well as the notice were served through SPAD and Email.
Adjudication Order in respect of Mr. Man Prakash Biyani in the matter of Illiquid Stock Options at BSE. Page 4 of 4 7. In view of the foregoing, I am of the view that the instant adjudication proceedings against the Noticee are liable to be abated without going into the merits of the case qua him and the SCN dated September 03, 2021 issued against him is disposed of accordingly.
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Source: SecMarx — sebi:Order/SV/RM/2023-24/27026. 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.