sebi:Order/VV/PSS/2023-24/28781
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Facts / Headnote
Penalty imposed on Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 2(1)(c)
- Reg. 4(2)
- Reg. 3(a)
- Reg. 2(1)(c)(2)
- Reg. 2(1)(c)(7)
- Reg. 2(1)(c)(8)
Parties
- Girraj Singh
Holding
The Noticee, Girraj Singh, was found to have violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003 by executing non-genuine reversal trades in illiquid stock options contracts at BSE, and a penalty of Rs. 5,00,000 was imposed under Section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of GIRRAJ SINGH in the matter of ISO at BSE Page 3 of 19 5. Accordingly, a Settlement Scheme was framed under the SEBI (Settlement Proceedings) Regulations, 2018, which provided a one-time opportunity for settlement of proceedings in the Illiquid Stock Options matter. The said scheme remained open from August 01, 2020 till December 31, 2020. Finally, adjudication proceedings were initiated against those entities who did not avail the opportunity of settlement.
Adjudication Order in respect of GIRRAJ SINGH in the matter of ISO at BSE Page 5 of 19 PFUTP Regulations, 2003, by Noticee. The appointment of the AO was communicated vide communique dated September 30, 2021.
Adjudication Order in respect of GIRRAJ SINGH in the matter of ISO at BSE Page 7 of 19 to the SCN and appear for the personal hearing. Considering the fact that the Noticee has neither filed any reply nor has availed the opportunity of personal hearing despite service of notices upon it, I am of the view that Noticee has nothing to submit and in terms of Rule 4(7) of the Adjudication Rules the matter is being proceeded ex-parte in its regard on the basis of material available on record. As the Noticee did not file any reply to the SCN, it can be presumed that Noticee has admitted the charges levelled against her.
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Source: SecMarx — sebi:Order/VV/PSS/2023-24/28781. 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.