SEBI finds 2 fake trades created 2 lakh units artificial volume
This order addresses SEBI's investigation into Kavita Didwania for allegedly executing non-genuine reversal trades in illiquid stock options on the BSE, which created artificial trading volume. SEBI found that these actions violated regulations prohibiting fraudulent and unfair trade practices.
Kavita Didwania (PAN: ABTPA8605K)
- SEBI found that Kavita Didwania executed 2 non-genuine trades in the contract CESC15APR660.00CE on March 31, 2015.
- These trades resulted in the creation of artificial volume of 2,00,000 units.
- The trades were executed with the same counterparty (Thakkar Suresh Prabulal) within seconds (12:20:02 and 12:20:05).
- SEBI determined that the Noticee did not respond to Show Cause Notices or appear for hearings, leading to an ex-parte decision where allegations were presumed admitted.
- The order cites 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.
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Document details
| Official title | Adjudication Order in respect of Kavita Didwania in the matter of Illiquid Stock Options at BSE |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/DS/2026-27/32435 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |