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.

Who it concerns: Alka Dhanuka (PAN: AAGPD0729F)

What SEBI found or ordered

• 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.

Also in the document

• SEBI observed that 2,91,744 trades, comprising 81.40% of all trades in the BSE stock options segment during the investigation period, were allegedly non-genuine.
• The investigation period covered April 1, 2014, to September 30, 2015.
• The Noticee was offered two separate settlement schemes (2022 and 2024) with specific monetary amounts based on the number of contracts, but chose not to settle.