SEBI case against Padma Singhwani abated due to death before final order

The proceedings against the individual, Padma Singhwani, were terminated because she passed away before the case was decided on its merits.

Who it concerns: Padma Singhwani (deceased), BSE Ltd. (as the exchange where trades occurred), and Mr. Suresh Singhwani (son of the deceased, who provided the death certificate).

What SEBI found or ordered

• SEBI alleged that the Noticee executed 2 non-genuine reversal trades in 1 stock options contract, creating an artificial volume of 80,000 units.
• The alleged violations were under Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003.
• The Adjudicating Officer ruled that the proceedings abate (terminate) due to the death of the Noticee, citing the legal principle that personal actions die with the person.
• The Show Cause Notice dated January 24, 2022, is disposed of without a decision on the merits of the case.
• The order was signed by Adjudicating Officer Medha Sonparote on July 08, 2026.

Also in the document

• The Noticee, Padma Singhwani, passed away on January 01, 2024, which is before the final order date.
• The case was part of a larger investigation involving 14,720 entities and 2,91,744 trades identified by SEBI as potentially non-genuine during the period of April 1, 2014, to September 30, 2015.
• SEBI had offered two settlement schemes (2022 and 2024) to the Noticee, but the case was resolved via abatement due to death rather than settlement or penalty.