Adjudication order in respect of Laxmi Chhugani in the matter of trading in Illiquid Stock O…
This order addresses SEBI's investigation into Laxmi Chhugani for executing non-genuine reversal trades in illiquid stock options on the BSE, which created artificial trading volume. SEBI examined whether these actions violated regulations prohibiting fraudulent and unfair trade practices.
Laxmi Chhugani (PAN: AAIPC9712B)
- SEBI found that the Noticee executed 6 non-genuine trades in 2 stock option contracts resulting in an artificial volume of 8,60,000 units.
- SEBI determined that the Noticee violated 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.
- SEBI rejected the Noticee's defense that the trades were unauthorized or executed by the broker, citing a lack of supporting documents or complaints filed against the broker.
- The order notes that the Noticee did not avail of the SEBI ISO Settlement Schemes of 2022 or 2024.
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 Laxmi Chhugani in the matter of trading in Illiquid Stock Options at BSE |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/MS/RG/2026-27/32709 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |