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Sebi proposes one-time settlement to brokers for bogus trades – The Economic Times

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Mumbai: The Securities and Exchange Board of India ( Sebi ) has proposed a one-time settlement scheme to hundreds of errant brokers and individuals against whom the regulator had initiated legal proceedings for bogus trades in BSE’s stock options segment.

The regulator said it had observed that out of the 21,652 entities that executed such trades, 14,720 were involved in the generation of artificial volume by executing non-genuine and reversal trades on the same day. It had initiated legal action against 567 entities.

Sebi said in a circular on Monday that those interested in the settlement should apply for it between August 1 and October 31.

“This settlement scheme is a big breather for all investors and brokers. It will help in saving the limited resources of the regulator and further clogging the system,” said Sumit Agrawal, founder, Regstreet LawAdvisors

The regulator has considered three parametersโ€” artificial volume, number of non-genuine trades and number of contracts resulting in the creation of artificial volume–to arrive at an indicative settlement amount.

โ€œThe scheme proposes to provide a one-time settlement opportunity to the entities that have executed trade reversals in the stock options segment of BSE during the period from April 1, 2014, to September 30, 2015, against whom any proceedings are pending,โ€ Sebi said.

The regulator clarified that after the expiry of the scheme, entities or individuals who do not avail the one-time settlement opportunity would be liable for legal action.

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