sebi:Order/VV/AK/2021-22/15081

SEBI · SEBI · 2021-07-27 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Violation established; penalty of Rs 5,00,000 imposed under Section 15HA

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 19
• s. 15H
• s. 15I
• s. 15F
• s. 28A

Regulations

• Reg. 3
• Reg. 3(a)

Parties

• Shivanand Dubey

Holding

The Noticee's 4 reversal trades in 2 illiquid stock option contracts violated regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, and a monetary penalty of Rs 5,00,000 was imposed under section 15HA of the SEBI Act.

Full text

Adjudication Order in respect of Shivanand Dubey Page 2 of 15 In the matter of Dealings in Illiquid Stock Options at the BSE options and therefore were alleged to be manipulative and deceptive in nature. In view of the same, SEBI initiated adjudication proceedings against the Noticee for violation of the provisions of regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as the “PFUTP Regulations”).

Adjudication Order in respect of Shivanand Dubey Page 3 of 15 In the matter of Dealings in Illiquid Stock Options at the BSE ii. The Noticee has allegedly executed 4 non genuine trades in 2 Stock Options contracts which resulted in artificial volume of total 92,000 units. Summary of dealings of the Noticee in a Stock Option contract, in which the Noticee allegedly executed non genuine trades during the I.P., is as follows:

Adjudication Order in respect of Shivanand Dubey Page 4 of 15 In the matter of Dealings in Illiquid Stock Options at the BSE e) By indulging in execution of aforesaid non-genuine reversal trades, it has been alleged that the Noticee has violated regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a) of the PFUTP Regulations. f) The aforesaid alleged violations, if established, make the Noticee liable for monetary penalty under section 15HA of the SEBI Act.

Source: SecMarx — sebi:Order/VV/AK/2021-22/15081. 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.