SEBI finds 81.4% of BSE stock options trades were non-genuine
This order addresses SEBI's investigation into alleged manipulative trading in illiquid stock options on the BSE, specifically examining whether Alka Dhanuka engaged in non-genuine reversal trades that created artificial volume between April 2014 and September 2015.
Alka Dhanuka (PAN: AAGPD0729F)
- SEBI alleged that Alka Dhanuka executed 9 non-genuine trades in 4 stock option contracts, resulting in an artificial volume of 20,23,750 units.
- The Noticee was charged with violating 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 Noticee did not avail the SEBI Settlement Scheme 2022 or the ISO Settlement Scheme 2024.
- During the hearing on May 12, 2026, the authorized representative of the Noticee admitted the allegations made in the Show Cause Notice.
- The order is an adjudication proceeding under Section 15-I of the SEBI Act, 1992.
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Document details
| Official title | Adjudication Order in respect of Alka Dhanuka in the matter of Illiquid Stock Options at BSE |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32408 |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |