sebi:Order/VV/VS/2020-21/10487
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Facts / Headnote
Disposed of
Provisions invoked
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 3(a)
- Reg. 23
- Reg. 26
Parties
- Priyasha Meven Finance Ltd.
Holding
The Show Cause Notice dated August 28, 2018 issued against Priyasha Meven Finance Ltd. is hereby disposed of with no further inquiry required.
Full text
Page 2 of 4 BSE during the Investigation Period. It was observed that Priyasha Meven Finance Ltd. (hereinafter referred to as the “Noticee”) was one of the various entities which indulged in execution of reversal trades in stock options segment of BSE during the Investigation Period. Such trades were observed to be non- genuine in nature and created false or misleading appearance of trading in terms of artificial volumes in stock options and therefore were alleged to be manipulative and deceptive in nature. It was observed that the Noticee executed 194 non-genuine trades in 15 contracts resulting in creation of an artificial volume of 73,75,000 units in the said 15 contracts. 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 SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”).
Page 3 of 4 5. During the course of proceedings, vide letter dated October 19, 2018, the Noticee submitted that it had filed an Application for Settlement under SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as “Settlement Regulations”). Subsequently, an intimation was also received from the concerned department of SEBI communicating that an application for settlement in the prescribed “form A” from the Noticee was received and that the Adjudicating Officer was requested to keep the proceedings in abeyance till disposal of the settlement application.
Page 4 of 4 8. In terms of the provisions of Rule 6 of the Adjudication Rules, a copy of this order is being sent to the Noticee and also to the Securities and Exchange Board of India.
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Source: SecMarx — sebi:Order/VV/VS/2020-21/10487. 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.