Adjudication Order in respect of Kavita Didwania in the matter of Illiquid Stock Options at BSE
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What is this order about?
This order addresses Kavita Didwania's alleged manipulation of artificial trading volumes in illiquid stock options at BSE during April 2014 to September 2015, based on SEBI's findings of non-genuine trades.
Who it concerns
Kavita Didwania (PAN: ABTPA8605K)
What was found or directed
- SEBI found 2 non-genuine trades executed by Kavita Didwania in 1 stock options contract
- These trades created artificial volume of 2,00,000 units
- SEBI alleged violation of PFUTP Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a)
- Noticee did not respond to show cause notice or appear for hearings
- SEBI deemed allegations admitted due to lack of response
Points worth noting
- The trades were reversal trades executed with same counterparty within short time
- Artificial volume generated by Noticee contributed 48.78% of total volume in the contract
- SEBI confirmed 81.40% of all trades in stock options segment during IP were allegedly non-genuine
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/DS/2026-27/32435 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
Highlights & Points worth asking
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Documents
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Order
2026-06-05
ORDER_1780653044.pdf
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