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

This order addresses SEBI's investigation into alleged manipulation of the Bombay Stock Exchange (BSE) stock options segment by creating artificial volume through non-genuine reversal trades. 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.

Saachi Overseas (PAN: ABQFS9871C)

• 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.

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