SEBI finds 20,23,750 artificial units in BSE stock options trades
This order addresses SEBI's investigation into alleged manipulation of the Bombay Stock Exchange (BSE) stock options market through large-scale reversal trades that created artificial volume. It details the adjudication proceedings against Alka Dhanuka for these alleged violations.
Alka Dhanuka (PAN: AAGPD0729F)
- SEBI observed that 2,91,744 trades (81.40% of all BSE stock options trades) between April 1, 2014, and September 30, 2015, were allegedly non-genuine and created artificial volume.
- Alka Dhanuka was alleged to have executed 9 non-genuine trades in 4 stock option contracts, resulting in an artificial volume of 20,23,750 units.
- SEBI alleged 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.
- The Noticee did not avail the SEBI Settlement Scheme, 2022, or the ISO Settlement Scheme, 2024.
- During the hearing on May 12, 2026, the authorized representative of the Noticee admitted the allegations made in the Show Cause Notice.
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 Alka Dhanuka in the matter of Illiquid Stock Options at BSE |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32408 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |