SEBI imposes ₹5 lakh penalty on Ajitnath Steels for executing 4 non-genuine reversal trades in BSE's illiquid stock options.
The trades created artificial volume of 960,000 units in one contract, representing 28.9% of total market volume.
Violations include Regulations 3(a)-(d) and 4(1), 4(2)(a) of SEBI PFUTP Regulations during April 2014-September 2015 period.
Noticee failed to respond to multiple show cause notices and hearing opportunities, leading to ex-parte proceedings.