https://www.taxtmi.com/caselaws?id=462082 Repeated reversal trades in illiquid stock options, executed within short time gaps with abnormal price differences and no corresponding movement in the underlying cash market, were treated as non-genuine on a preponderance of probabilities. The pattern of trading between the same counterparties created artificial volumes and a misleading appearance of market activity, establishing breach of the PFUTP Regulations. Once fraudulent and unfair trade practice was proved, monetary penalty followed under Section 15HA. In fixing the penalty, the seriousness of the manipulation and its impact on market integrity were weighed under Section 15J, and a penalty was imposed accordingly. en-us Fri, 28 Apr 2023 00:00:00 +0530 Sat, 17 May 2025 11:27:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462082 Repeated reversal trades in illiquid stock options, executed within short time gaps with abnormal price differences and no corresponding movement in the underlying cash market, were treated as non-genuine on a preponderance of probabilities. The pattern of trading between the same counterparties created artificial volumes and a misleading appearance of market activity, establishing breach of the PFUTP Regulations. Once fraudulent and unfair trade practice was proved, monetary penalty followed under Section 15HA. In fixing the penalty, the seriousness of the manipulation and its impact on market integrity were weighed under Section 15J, and a penalty was imposed accordingly. Case-Laws SEBI Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462082