SEBI finds 2,91,744 non-genuine BSE stock option trades by Bansal Integrated Services

SEBI disposed of the case without imposing a penalty because the company had been dissolved and struck off the register.

Who it concerns: Bansal Integrated Services Private Limited (PAN: AACCB3482E)

What SEBI found or ordered

• SEBI observed that 2,91,744 trades (81.40% of all stock option trades on BSE during the period) were non-genuine and created artificial volume.
• 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) Regulations, 2003.
• The Noticee did not respond to the Show Cause Notice dated August 03, 2022, nor did it avail of the SEBI Settlement Schemes offered in 2022 or 2024.
• SEBI noted that the company was struck off and dissolved under the Companies Act, 2013.
• The Adjudicating Officer discharged the Show Cause Notice and disposed of the proceedings without imposing any penalty, citing that the company no longer exists.
• SEBI stated that if the company is revived or restored, proceedings may be initiated afresh.

Also in the document

• The investigation covered the period from April 1, 2014, to September 30, 2015.
• The order was passed on July 31, 2026, by Adjudicating Officer Medha Sonparote in Mumbai.
• SEBI relied on a High Court judgment (CIT vs. Vived Marketing Services) to support the decision not to penalize a dissolved entity.