SEBI adjudicates 291,744 suspicious BSE stock option trades

This order addresses SEBI's investigation into alleged manipulation of the stock options segment at the Bombay Stock Exchange (BSE) through large-scale reversal trades that created artificial volume. It specifically adjudicates the case of Jitendra Kumar Nahta HUF, who was found to have executed non-genuine trades during the period of April 1, 2014, to September 30, 2015.

Jitendra Kumar Nahta HUF (PAN: AAEHJ2046M)

• SEBI observed that 2,91,744 trades (81.40% of all stock option trades at BSE during the investigation period) were allegedly non-genuine and created artificial volume.
• The Noticee was alleged to have executed 6 non-genuine trades in 3 stock option contracts, resulting in an artificial volume of 58,000 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 did not avail of the SEBI ISO Settlement Schemes of 2022 or 2024.
• A personal hearing was held on June 30, 2026, where the Noticee's Authorized Representative requested one week for additional written submissions.

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