SEBI finds 81.40% of BSE stock options trades were non-genuine

It specifically adjudicates the case against Saachi Overseas for alleged violations of the PFUTP Regulations during the period of April 1, 2014, to September 30, 2015.

Who it concerns: Saachi Overseas (PAN: ABQFS9871C)

What SEBI found or ordered

• SEBI observed that 2,91,744 trades (81.40% of all BSE stock options trades) during the investigation period were allegedly non-genuine and created artificial volume.
• Saachi Overseas was alleged to have executed 4 non-genuine trades in 1 stock options contract, resulting in an artificial volume of 4,36,000 units.
• The Noticee was offered the SEBI Settlement Scheme, 2022, and the SEBI ISO Settlement Scheme, 2024, but did not avail either opportunity.
• The Noticee failed to attend three hearing opportunities granted on March 20, 2023, January 01, 2026, and May 12, 2026.
• An Advocate claiming to be the Authorized Representative (AR) submitted a reply, but SEBI construed this AR as unauthorized because no authorization letter was provided.
• The order cites 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.

Also in the document

• The alleged manipulation involved a significant scale, with SEBI finding that 81.40% of all trades in the BSE stock options segment during the specified period were allegedly non-genuine.
• The adjudication process spanned several years, with the Show Cause Notice issued in August 2022 and hearings continuing into 2026.
• SEBI noted that the Noticee claimed to be non-operational and denied any connection to the alleged trades or brokers, but failed to provide documentary evidence or attend hearings.