sebi:Order/VV/PS/AK/2022-23/25191-25190

SEBI · SEBI · 2022-08-04 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Proceedings abated and SCN dated August 04, 2022 disposed of without going into merits due to death of Noticee

Provisions invoked

• s. 15H
• s. 15I

Parties

• Prakash Chandra Gupta

Holding

The proceedings against Prakash Chandra Gupta were abated without going into the merits and the show-cause notice dated August 04, 2022 was disposed of accordingly.

Full text

Adjudication Order with respect to Prakash Chandra Gupta Page 2 of 2 In the matter of trading in illiquid stock options at BSE

determine whether penalty under Section 15HA of the SEBI Act is liable to be imposed upon the Noticee. 4. Accordingly, in terms of Rule 4(1) of the Adjudication Rules read with Section 15I of the SEBI Act, a notice to show cause dated 04/08/2022 (“SCN”) was issued to the Noticee calling upon him to show cause as to why an inquiry should not be held against him in terms of Rule 4 of the Adjudication Rules and penalty be not imposed under Section 15HA of the SEBI Act for the aforesaid alleged violations. The SCN sent to the Notice was duly served upon the Noticee via SPAD/email.

5. Thereafter, vide email dated 13/03/2023, Authorized representative of the Noticee’s Amol Gupta, informed that Noticee, Prakash Chandra Gupta had died on 20/09/2020. In view of the fact of demise of the Noticee no reply/submissions can be procured for considering this case under Rule 4(2) of the Adjudication Rules for further inquiry qua this Noticee. Thus, I am of the view that instant matter does not deserve further inquiry under rule 4(3) of the Adjudication Rules qua this Noticee and accordingly, I proceed to dispose of this matter.

Source: SecMarx — sebi:Order/VV/PS/AK/2022-23/25191-25190. 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.