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

This order addresses alleged manipulative trading by Dipen D Chandruva in illiquid stock options on the BSE, which SEBI found created 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.

Dipen D Chandruva (PAN: ADZPC5855H)

• 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.

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