SEBI finds 81.40% of BSE stock option trades were non-genuine

Who it concerns: Cube Trafin Private Limited (PAN: AABCC0768M)

What SEBI found or ordered

• SEBI observed that 2,91,744 trades (81.40% of all BSE stock option trades) between April 1, 2014, and September 30, 2015, were allegedly non-genuine and created artificial volume.
• SEBI alleged that Cube Trafin Private Limited executed 5 non-genuine trades in 2 stock option contracts, resulting in an artificial volume of 10,16,500 units.
• SEBI initiated adjudication proceedings for 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 of the SEBI ISO Settlement Schemes of 2022 or 2024.
• The Noticee filed a reply on July 02, 2026, arguing that the trades were bona fide investment activities executed through a registered broker without collusion or prior understanding with counterparties.

Also in the document

• The alleged manipulation involved a significant portion of the market, with SEBI stating that 81.40% of all trades in the BSE stock options segment during the investigation period were non-genuine.
• The proceedings have been ongoing since at least 2021, with multiple Adjudicating Officers appointed before the current order was issued in 2026.