SEBI finds 2,91,744 non-genuine BSE stock options trades in 2014-2015

The proceedings were terminated because the HUF ceased to exist as a legal entity due to a family partition.

Who it concerns: Dilip Kumar Gupta HUF (PAN: AADHD8826N); Mr. Rahul Gupta (son of the late Dilip Kumar Gupta and Karta of the HUF)

What SEBI found or ordered

• SEBI observed that the Noticee executed 3 reversal trades in 1 contract, creating an artificial volume of 96,000 units in the BSE stock options segment between April 1, 2014, and September 30, 2015.
• SEBI alleged these trades were non-genuine and violated Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003.
• The Adjudicating Officer noted that Dilip Kumar Gupta died on February 27, 2022, and the HUF underwent a partition on June 7, 2022, causing the entity to cease to exist.
• The adjudication proceedings were declared infructuous and disposed of without imposing a penalty.

Also in the document

• The case was part of a larger SEBI investigation where 2,91,744 trades (81.40% of all BSE stock options trades during the period) were found to be non-genuine.
• The Noticee did not avail the hearing opportunity provided by the Adjudicating Officer in July 2026.
• The order was signed by Adjudicating Officer Medha Sonparote on August 28, 2026.