SEBI finds LCI India executed 12 non-genuine reversal trades in 5 stock options
This order addresses SEBI's findings that LCI India Limited executed non-genuine reversal trades in illiquid stock options on the BSE, creating artificial trading volume. It details the adjudication proceedings and the presumption of guilt due to the company's failure to respond to notices or appear for a hearing.
LCI India Limited (PAN: AAACL5741Q)
- SEBI found that LCI India Limited executed 12 non-genuine trades in 5 stock option contracts.
- These trades resulted in the creation of artificial volume totaling 4,57,000 units.
- The trades were identified as 'reversal trades' where the company bought and sold with the same counterparty on the same day with significant price differences.
- SEBI alleged violations of Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the PFUTP Regulations, 2003.
- The Adjudicating Officer proceeded ex-parte, presuming the allegations were admitted because LCI India Limited did not reply to the Show Cause Notice or appear for the hearing on May 18, 2026.
Written from the document by AI, and checked against it. The original below is authoritative.
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Document details
| Official title | Adjudication Order in respect of LCI India Ltd in the matter of Illiquid Stock Options |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32410 |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |