SEBI finds 4 non-genuine reversal trades in PFCL15MAR320.00CE stock option

Since ATPL was dissolved, SEBI initiated proceedings against its directors, Asta Das and Radheshyam Kundu, for creating artificial trading volume.

Who it concerns: Asta Das, Radheshyam Kundu, Advantech Traders Private Limited (ATPL)

What SEBI found or ordered

• SEBI found that ATPL executed 4 non-genuine reversal trades in one stock option contract (PFCL15MAR320.00CE).
• These trades created an artificial volume of 3,72,000 units.
• The trades constituted 18.18% of the total trades in that specific contract.
• SEBI alleged violations of Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the PFUTP Regulations, 2003.
• The directors were held liable under Section 248(7) of the Companies Act, 2013, despite the company's dissolution.
• No response was received from the noticees after service via public notice in March 2026, leading to an ex-parte proceeding.

Also in the document

• The investigation period covered April 1, 2014, to September 30, 2015.
• The original investigation revealed that 14,720 entities were involved in non-genuine trades in the BSE stock options segment during this period.
• The proceedings against the company itself were disposed of in 2022 because it was struck off the Registrar of Companies list and dissolved.
• The Adjudicating Officer noted that the allegations are deemed admitted due to the lack of response from the noticees.