SEBI finds 2,91,744 non-genuine BSE stock options trades
This order addresses SEBI's adjudication proceedings against Rowland Dealtrade Private Limited for alleged manipulation of the Bombay Stock Exchange (BSE) stock options market through non-genuine reversal trades that created artificial volume between April 2014 and September 2015.
Rowland Dealtrade Private Limited (PAN: AAECR9003P)
- SEBI alleged the Noticee executed 6 non-genuine trades in 1 stock options contract, resulting in an artificial volume of 240,000 units.
- SEBI 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) Regulations, 2003.
- The Noticee did not avail the SEBI Settlement Scheme, 2022 (extended to Jan 21, 2023) or the ISO Settlement Scheme, 2024 (extended to June 10, 2024).
- The Noticee filed a reply on October 23, 2025, but did not appear for the hearing scheduled on November 06, 2025.
- The Noticee contested the case on grounds of limitation period, requested cross-examination of BSE and brokers, and claimed the trades were not malicious.
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Document details
| Official title | Adjudication Order in respect of Rowland Dealtrade Private Limited in the matter of Illiquid Stock Options at BSE |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32380 |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |