The orders came after the Securities and Exchange Board of India (SEBI) observed a massive reversal in trading in the stock options segment of the BSE. The regulator observed that such large-scale trade reversals in stock options created artificial volume at the BSE.
Subsequently, SEBI conducted an investigation into the trading activities of certain entities in illiquid stock options at BSE for the period April 2014 to September 2015.
Sebi, in three separate orders, said penalties would be levied on those involved in reversal trades.
In another order passed on Thursday, the market watchdog slapped SEBI-registered stockbroker Rudra Shares and Stockbrokers Ltd with a fine of Rs. A fine of 5 lakhs has been imposed.
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The order was issued after SEBI, NSE, Multi Commodity Exchange of India and National Commodity and Derivatives Exchange conducted on-site verification of accounts and other documents of Rudra shares and stock brokers. Stockbroker Rules.
The inspection was conducted for the period from April 2022 to June 2023. Subsequently, SEBI initiated adjudication proceedings against the brokerage firm.
SEBI has levied a fine of Rs. A fine of 7 lakhs was also imposed.
A SEBI-registered research analyst (Arun N) will have to pay the penalty within 45 days, SEBI said.
The order came after SEBI inspected the various compliance requirements followed by the Notifier (Arun) in terms of the provisions of the RA (Research Analysts) Rules.
The period covered in the inspection was from April 2022 to February 2024.
In its order, SEBI observed that the notifier (Arun N) was not conducting Know Your Customer (KYC) of its customers during the observation period and was relying on the Gap-Up website for customer onboarding and KYC.
In four separate orders passed on Monday, Sebi imposed a penalty of Rs 5 lakh each on Sumita Khare, Kamaljit Singh, Bandana Sinha (Vandana Kishore) and Geeta Devi Jalan for making unrealized trades in the illiquid stock options segment on BSE. .
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