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Brief
On "25/10/2024", the "Securities and Exchange Board of India" issued an update regarding "Adjudication Order in respect of Hardik B Patel in the matter of trading in Illiquid Stock Options at BSE".
The Noticee, Hardik B Patel, has been found guilty of violating provisions of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations, 2003. The penalty imposed on the Noticee is ₹ 5,00,000/ - (Rupees Five Lakhs only).
The adjudicating officer has taken into consideration various factors including the amount of disproportionate gain or unfair advantage made by the Noticee and the losses caused to an investor due to such violations. However, no specific quantifiable amounts were mentioned in the order.
The noticeee is required to remit / pay the said amount of penalty within 45 days of receipt of this order either through online payment facility available on the website of SEBI.
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