SEBI finds 2 non-genuine reversal trades in BSE stock option segment
This order addresses SEBI's investigation into Gayatri Devi Choudhary 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.
Gayatri Devi Choudhary (PAN: ACCPC0370P)
- SEBI found that the Noticee executed 2 non-genuine reversal trades in the contract 'DISH15APR60.00CEW1' on March 24, 2015.
- These trades resulted in the creation of artificial volume of 96,000 units.
- The trades were executed with the counterparty Multiwyn Commercial Private Limited, squared up within approximately 12 minutes.
- SEBI determined that the Noticee 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 Noticee did not respond to the Show Cause Notice or subsequent intimations, leading SEBI to proceed ex-parte and presume the allegations were admitted.
- The order notes that the Noticee's non-genuine trades constituted 7.69% of total trades in the specific contract and 5.83% of the total market volume for that contract.
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Document details
| Official title | Adjudication Order in respect of Gayatri Devi Choudhary in the matter of Illiquid Stock Options at BSE. |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/DS/2026-27/32413 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |