Adjudication Order in respect of Puja Rungta in the matter of Illiquid Stock Options at BSE

This order addresses SEBI's adjudication proceedings against Puja Rungta for alleged manipulation of the Bombay Stock Exchange (BSE) stock options market through the execution of non-genuine reversal trades that created artificial volume.

Puja Rungta (PAN: ACYPR2483A)

• SEBI observed that 2,91,744 trades (81.40% of all BSE stock options trades) between April 1, 2014, and September 30, 2015, were allegedly non-genuine and created artificial volume.
• SEBI alleged that Puja Rungta executed 4 reversal trades in 2 contracts, resulting in an artificial volume of 1,392,000 units.
• SEBI alleged violations of Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003.
• The Noticee denied executing the trades, claiming they were unauthorized and that no corresponding transactions appeared in her bank statements or income tax returns.
• The Noticee filed a SCORES complaint against the broker, Guiness Securities Limited, alleging unauthorized trade execution.

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