SEBI adjudication order imposes ₹5 lakh penalty on Amritphal Mercantile for executing 7 non-genuine reversal trades in illiquid stock options on BSE.
The company created artificial volume of 2,24,000 units in 1 contract during April 2014-September 2015 period, violating multiple PFUTP Regulations provisions.
Noticee failed to respond to show-cause notices or avail two settlement schemes offered in 2022 and 2024, resulting in ex-parte proceedings based on available evidence.
Order finds violations of Regulations 3(a),(b),(c),(d) and 4(1),4(2)(a) of PFUTP Regulations, 2003 for creating false appearance of trading through manipulative practices.