sebi:Order/VV/NK/2022-23/24560
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Facts / Headnote
Abated - proceedings disposed of without going into merits; no penalty imposed
Provisions invoked
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 3
- Reg. 4
- Reg. 26
Parties
- late Smt. Shanti Devi Pasari
Holding
The adjudication proceedings initiated vide SCN dated August 08, 2022 against late Smt. Shanti Devi Pasari stand abated without going into the merits of the case, and no penalty is imposed on the deceased Noticee.
Full text
Adjudication Order in the matter of dealings in Ill-liquid Stock Options at BSE Page 2 of 4 artificial volumes, leading to allegations that the Noticee had violated the provisions of Regulations 3 (a), (b), (c) & (d) and Regulations 4 (1) & 4 (2) (a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”)
Adjudication Order in the matter of dealings in Ill-liquid Stock Options at BSE Page 3 of 4 2018 in the matter of Illiquid Stock Options and in case, Noticee do 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 SCN.
Adjudication Order in the matter of dealings in Ill-liquid Stock Options at BSE Page 4 of 4 10. Relying, on the aforementioned Orders of Hon’ble Supreme Court and Hon’ble Securities Appellate Tribunal, I am of the view that the adjudication proceedings initiated against the deceased Noticee will not survive and is liable to be abated without going into the merits of the case. Consequently, no penalty is imposed on the Noticee, who is since deceased, and the Adjudication Proceedings against her stand abated.
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Source: SecMarx — sebi:Order/VV/NK/2022-23/24560. 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.