SEBI adjudicating officer imposes ₹5 lakh penalty on Sonia Chadha for executing non-genuine trades in BSE's illiquid stock options.
Noticee executed 8 reversal trades across 4 contracts, generating 88,000 units of artificial volume during April 2014-September 2015.
Trades violated PFUTP Regulations by creating false/misleading appearance of trading through synchronized transactions with same counterparties.
Noticee failed to provide substantive defense, citing record unavailability after 10+ years, while SEBI established violation through trading patterns.