SEBI finds 6 non-genuine trades creating 2,58,000 unit artificial volume

SEBI examined whether these actions violated regulations prohibiting fraudulent and unfair trade practices.

Who it concerns: Aastha Ruia Beneficial Trust (PAN: AAETA4128P), represented by Vineet Ruia.

What SEBI found or ordered

• SEBI found that the Noticee executed 6 non-genuine trades in 3 stock option contracts, resulting in an artificial volume of 2,58,000 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 Noticee was offered three settlement schemes (2020, 2022, and 2024) but did not avail any of them.
• The Noticee appeared for a hearing on July 02, 2026, and submitted that they had no records of the transactions and suggested the broker might be responsible.
• SEBI noted that the Noticee's claim of delay in proceedings was meritless, citing that no specific timeline is prescribed in the SEBI Act for identifying non-genuine trades.

Also in the document

• The investigation covered a period from April 1, 2014, to September 30, 2015, during which 2,91,744 trades (81.41% of all BSE stock option trades) were allegedly non-genuine.
• The Noticee explicitly stated in submissions that they did not have records of the transactions and relied on SEBI's assertions.
• The order notes that the Noticee's accounts have been frozen for several years, a point raised by the Noticee in their submissions.