SEBI orders crystallization of penalty against Excel Technovation in illiquid stock options case
This order addresses SEBI's investigation into Excel Technovation Pvt Ltd for executing non-genuine 'reversal trades' in illiquid stock options on the BSE between April 2014 and September 2015, which created artificial trading volume.
Excel Technovation Pvt Ltd (PAN: AAACE3703B)
- SEBI found that the company executed 46 non-genuine trades across 23 stock option contracts.
- These trades resulted in the creation of artificial volume totaling 12,92,000 units.
- The company did not submit a reply to the Show Cause Notice on merits, leading SEBI to presume the allegations were admitted based on SAT precedent.
- SEBI noted that the company is currently in liquidation under NCLT Jaipur, but this does not extinguish the regulatory proceedings.
- The order cites violations of Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the PFUTP Regulations, 2003.
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Document details
| Official title | Adjudication Order in respect of Excel Technovation Pvt Ltd in the matter of Illiquid Stock Options |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32481 |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |