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

This order addresses alleged manipulative trading by Advantech Traders Private Limited (ATPL) in illiquid stock options on the BSE between 2014 and 2015. Since ATPL was dissolved, SEBI initiated proceedings against its directors, Asta Das and Radheshyam Kundu, for creating artificial trading volume.

Asta Das, Radheshyam Kundu, Advantech Traders Private Limited (ATPL)

• 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.

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