Markets Securities & Exchange Board
Adjudication Order in respect of Late Mr. Bhagwati Prasad Deora in the matter of dealings in…
This order addresses SEBI's investigation into alleged manipulative trading in Illiquid Stock Options on the BSE, specifically concerning Mr. Bhagwati Prasad Deora.
The proceedings were abated because the individual passed away before the case was decided on its merits.
Who it concerns: Mr. Bhagwati Prasad Deora (deceased), Ms. Bhagwati Devi Deora (wife), BSE Ltd.
What SEBI found or ordered
- SEBI observed large-scale reversal of trades in Illiquid Stock Options on BSE between April 1, 2014, and September 30, 2015, creating artificial volume.
- Mr. Bhagwati Prasad Deora was alleged to have executed 2 non-genuine trades resulting in an artificial volume of 9,500 units.
- SEBI alleged violations of the PFUTP Regulations, 2003.
- The Adjudicating Officer determined that the proceedings abate due to the death of the Noticee, citing the legal principle that personal actions die with the person.
- The Show Cause Notice dated August 05, 2022, is disposed of without going into the merits of the case.
Also in the document
- The Noticee, Mr. Bhagwati Prasad Deora, passed away on December 28, 2021, which is prior to the issuance of the Show Cause Notice in 2022.
- The death was verified via a notarized death certificate issued by the Kolkata Municipal Corporation.
- The order was issued on August 25, 2026.
How this was written
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The original document
Securities & Exchange Board of India (SEBI) — enforcement orders
Regulatory order · Ref. Order/MS/KS/2026-27/32678 · 25 Aug 2026
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