SEBI penalizes Dipen D Chandruva for 5 non-genuine trades creating 2,74,000 unit artificial volume

It details the adjudication proceedings and the imposition of a penalty after the individual failed to respond to notices or avail settlement schemes.

Who it concerns: Dipen D Chandruva (PAN: ADZPC5855H)

What SEBI found or ordered

• SEBI found that the Noticee executed 5 non-genuine trades in 2 stock option contracts, resulting in an artificial volume of 2,74,000 units.
• SEBI determined these trades violated Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the PFUTP Regulations, 2003.
• The Noticee did not avail the SEBI Settlement Scheme, 2022, or the SEBI ISO Settlement Scheme, 2024.
• The Noticee failed to respond to the Show Cause Notice (SCN) and hearing notices served via email and public notice.
• SEBI proceeded ex-parte, presuming the allegations were admitted due to the lack of response, citing SAT precedent.

Also in the document

• The investigation period covered April 01, 2014, to September 30, 2015.
• SEBI noted that 14,720 entities were involved in non-genuine trades in the broader BSE stock options segment during this period.
• The order was passed by an Adjudicating Officer appointed in April 2025, with the final order dated in 2026 (based on the public notice date of March 20, 2026).