SEBI finds 46 non-genuine trades in 23 stock option contracts
This order addresses SEBI's investigation into Excel Technovation Pvt Ltd for executing non-genuine reversal trades in illiquid stock options on the BSE, which created artificial trading volume. SEBI found the company violated regulations prohibiting fraudulent and unfair trade practices.
Excel Technovation Pvt Ltd (PAN: AAACE3703B)
- SEBI found the company executed 46 non-genuine trades in 23 stock option contracts.
- These trades resulted in the creation of artificial volume totaling 12,92,000 units.
- The company is alleged to have violated 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 company did not submit a reply to the Show Cause Notice on merits, leading SEBI to presume the allegations were admitted.
- The company is currently under liquidation proceedings before the NCLT, Jaipur Bench, but SEBI determined this does not extinguish the regulatory proceedings.
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Document details
| Official title | Adjudication Order in respect of Excel Technovation Pvt Ltd in the matter of Illiquid Stock Options |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32481 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |