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

This order addresses SEBI's investigation into alleged manipulative trading in illiquid stock options on the BSE. The proceedings against the individual, Padma Singhwani, were terminated because she passed away before the case was decided on its merits.

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

• 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.

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