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.

Who it concerns: Rowland Dealtrade Private Limited (PAN: AAECR9003P)

What SEBI found or ordered

• 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.

Also in the document

• SEBI observed that 2,91,744 trades, comprising 81.40% of all stock options trades on BSE during the investigation period, were allegedly non-genuine.
• The investigation period covered April 1, 2014, to September 30, 2015.
• The Show Cause Notice was issued on September 23, 2021, which the Noticee argued was beyond the 3-year limitation period.