SEBI finds 14,720 entities in illiquid stock option trade fraud
This order addresses SEBI's findings that LCI India Limited 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 company's failure to respond to notices or appear for a hearing.
LCI India Limited (PAN: AAACL5741Q)
- SEBI found that LCI India Limited executed 12 non-genuine trades in 5 stock option contracts between April 1, 2014, and September 30, 2015.
- These trades resulted in the creation of artificial volume totaling 4,57,000 units.
- The Adjudicating Officer noted that LCI India Limited did not appear for the hearing scheduled on May 18, 2026.
- Due to the lack of response, the allegations were presumed to be admitted by the Noticee based on SAT precedent.
- 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.
Written from the document by AI, and checked against it. The original below is authoritative.
The original document
Document details
| Official title | Adjudication Order in respect of LCI India Ltd in the matter of Illiquid Stock Options |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32410 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |