Description

SEBI adjudication proceedings terminated following the death of Ms. Geeta Devi Agarwal, who was accused of executing non-genuine reversal trades in illiquid stock options at BSE during April 2014 to September 2015.

Summary

SEBI issued an adjudication order regarding Late Ms. Geeta Devi Agarwal (PAN: ACYPA2148P) in connection with alleged manipulative trading in illiquid stock options at BSE during April 1, 2014 to September 30, 2015. The proceedings were initiated following SEBI’s investigation into large-scale reversal of trades in stock options that created artificial volumes. The noticee was accused of executing non-genuine reversal trades, violating PFUTP Regulations. However, the adjudication proceedings were terminated following notification of the noticee’s death in October 2025.

Key Points

  • SEBI investigated large-scale reversal of trades in BSE stock options segment from April 1, 2014 to September 30, 2015
  • Total 2,91,744 trades comprising 81.40% of all trades in stock options segment were found to be non-genuine
  • Late Ms. Geeta Devi Agarwal was identified as one of the entities executing reversal trades creating artificial volumes
  • Show Cause Notice issued on March 09, 2022 alleging violations of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations
  • Adjudication Officer was informed of the noticee’s death via email dated October 06, 2025
  • Death certificate was provided confirming the demise of the noticee

Regulatory Changes

No regulatory changes introduced. This is an enforcement/adjudication order related to past violations.

Compliance Requirements

Not applicable - proceedings terminated due to death of the noticee. No compliance actions required.

Important Dates

  • Investigation Period: April 1, 2014 to September 30, 2015
  • Initial AO Appointment: September 20, 2021
  • Show Cause Notice Issued: March 09, 2022
  • Current AO Appointment: April 03, 2025
  • Death Notification: October 06, 2025
  • Order Date: November 21, 2025

Impact Assessment

Minimal current market impact. This order relates to historical trading irregularities from 2014-2015 in illiquid stock options at BSE. The adjudication proceedings have been terminated due to the death of the accused entity. The order serves primarily as a procedural closure of pending enforcement action rather than establishing new precedents or market-affecting penalties. No ongoing compliance obligations or market restrictions result from this order.

Impact Justification

Adjudication proceedings terminated due to death of the noticee. No active enforcement action or market impact. Historical case from 2014-2015 investigation period with no ongoing implications.