14,720 entities found with non-genuine BSE stock options trades

The proceedings were abated (terminated) without a decision on the merits because the noticee passed away during the pendency of the case.

Who it concerns: Sudha V Thakkar (Deceased), Jayesh Thakkar (Son of the deceased, who submitted the death certificate)

What SEBI found or ordered

• SEBI alleged that Sudha V Thakkar executed non-genuine reversal trades in BSE stock options between April 1, 2014, and September 30, 2015, creating artificial volume.
• The alleged violations were under Regulations 3(a)-(d), 4(1), and 4(2)(a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003.
• SEBI offered Settlement Schemes in 2022 and 2024, but no settlement was recorded in the text.
• A death certificate submitted by the noticee's son confirmed she passed away on February 15, 2024.
• The Adjudicating Officer ruled that the proceedings abate (terminate) due to the death of the noticee, citing the legal principle that personal actions die with the person.
• The Show Cause Notice dated August 02, 2022, was disposed of.

Also in the document

• The order notes that during the investigation period, 14,720 entities were found to have executed non-genuine trades in BSE’s stock options segment.
• The case was transferred to a new Adjudicating Officer in June 2026, after the noticee had already passed away in 2024.
• The order explicitly states that the decision is made without going into the merits of the case regarding the deceased.