Sebi on Tuesday disposed of adjudication proceedings against three entities after they settled cases related to alleged fraudulent trading activities in the illiquid stock options segment on the BSE.
The entities that have settled the cases with the regulator are Open Futures and Derivatives Pvt Ltd, Raj Ratan Smelters Pvt Ltd and Quest Partners.
According to three separate orders, it was alleged that the entities were indulged in non-genuine trades and created a false and misleading appearance of trading in the stock options segment.
Thereafter, the regulator initiated adjudication proceedings and issued show-cause notices to them for alleged violation of provisions of the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations.
The entities had filed applications for settlement.
In January this year, Sebi passed an order under its settlement scheme in respect of 1,018 entities, including Open Futures and Derivatives Pvt Ltd, Raj Ratan Smelters Pvt Ltd and Quest Partners.
Subsequently, settlement charges of Rs 33.32 lakh each were paid by Open Futures and Derivatives and Quest Partners. An amount of Rs 19.37 lakh was been paid by Raj Ratan Smelters towards settlement charges.
Source link
English