sebi:Order/VV/AK/NK/2021-22/13952
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Facts / Headnote
Violation of PFUTP Regulations established; liability for monetary penalty under section 15HA held attracted
Provisions invoked
- s. 15
- s. 19
- s. 11B
- s. 11
- s. 15H
- s. 16
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(a)
Parties
- Santosh Kumar Agarwal HUF
Holding
The Noticee executed 4 non-genuine reversal trades in an illiquid stock option contract generating artificial volume of 152000 units, which created false or misleading appearance of trading in violation of regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations and attracted monetary penalty under section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Santosh Kumar Agarwal HUF Page 2 of 26 in the matter of dealings in Illiquid Stock Options at BSE volumes in stock 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 Santosh Kumar Agarwal HUF Page 3 of 26 in the matter of dealings in Illiquid Stock Options at BSE trading, generating artificial volumes in stock options segment of the BSE during the Investigation Period.
Adjudication Order in respect of Santosh Kumar Agarwal HUF Page 4 of 26 in the matter of dealings in Illiquid Stock Options at BSE volume generated by Noticee also contributed to 9.9% of the total volume from the market in above contract.
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Source: SecMarx — sebi:Order/VV/AK/NK/2021-22/13952. 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.