SEBI holds ATPL directors accountable for alleged stock option manipulation
This order addresses alleged manipulative trading by Advantech Traders Private Limited (ATPL) in BSE stock options between 2014 and 2015, which created artificial volume. Since ATPL was dissolved, SEBI initiated proceedings against its directors, Asta Das and Radheshyam Kundu, for violating regulations against fraudulent and unfair trade practices.
Asta Das, Radheshyam Kundu, Advantech Traders Private Limited (ATPL)
- SEBI found that ATPL executed 4 non-genuine reversal trades in the stock options contract 'PFCL15MAR320.00CE' during the period April 1, 2014, to September 30, 2015.
- These trades resulted in the creation of artificial volume of 3,72,000 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 Show Cause Notice was served via public notice in March 2026 after previous attempts failed, and no response was received from the noticees.
- SEBI proceeded ex-parte, presuming the allegations were admitted due to the lack of response.
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 Asta Das and Radheshyam Kundu in the matter of Illiquid Stock Options at BSE |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/DS/2026-27/32355-32356 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |