SEBI finds 4 non-genuine trades in illiquid stock options
This order addresses SEBI's findings that Ararti Karmakar executed non-genuine reversal trades in illiquid stock options on the BSE, creating artificial volume. It details the procedural history and the Adjudicating Officer's determination of violations under the PFUTP Regulations.
Ararti Karmakar (PAN: BYKPK3038D); Sargam Lefins Pvt Ltd (identified as counterparty); Bombay Stock Exchange (BSE); SEBI
- SEBI found that the Noticee executed 4 non-genuine trades in 2 stock option contracts (FEDB15MAR140.00PE and GRSM15MAR3850.00CE).
- These trades resulted in the creation of artificial volume totaling 2,71,750 units.
- The Adjudicating Officer proceeded ex-parte, presuming the allegations were admitted because the Noticee did not respond to the Show Cause Notice or appear for hearings.
- The order cites 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.
- The investigation period covered April 01, 2014, to September 30, 2015.
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Document details
| Official title | Adjudication Order in respect of Ararti Karmakar in the matter of Illiquid Stock Options |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32409 |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |