SEBI finds 2,71,750 units of artificial volume from 4 non-genuine trades
This order addresses SEBI's findings that Ararti Karmakar executed non-genuine reversal trades in illiquid stock options on the BSE, creating artificial volume. It details the adjudication proceedings and the presumption of liability due to the noticee's failure to respond.
Ararti Karmakar (PAN: BYKPK3038D)
- SEBI found that the noticee executed 4 non-genuine trades in 2 stock option contracts (FEDB15MAR140.00PE and GRSM15MAR3850.00CE).
- These trades resulted in the creation of artificial volume totaling 2,71,750 units.
- The trades were identified as 'reversal trades' executed with the same counterparty (Sargam Lefins Pvt Ltd) on the same day with significant price differences.
- The noticee did not appear for hearings or file a reply to the Show Cause Notice.
- The Adjudicating Officer proceeded ex-parte, presuming the allegations were admitted based on the lack of response.
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Document details
| Official title | Adjudication Order in respect of Ararti Karmakar in the matter of Illiquid Stock Options |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32409 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |