SEBI finds 2,91,744 non-genuine trades in BSE stock options segment

Since APPL was dissolved, SEBI initiated proceedings against its directors, Mukund Dubey and Nitesh Singh, for violating regulations against fraudulent and unfair trade practices.

Who it concerns: Mukund Dubey, Nitesh Singh, Ankitkaran Properties Private Limited (APPL)

What SEBI found or ordered

• SEBI found that APPL executed 6 non-genuine reversal trades in 2 stock option contracts, creating an artificial volume of 13,88,000 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 Relating to Securities Market) Regulations, 2003.
• The Show Cause Notice (SCN) was served via public notice in March 2026 after failed attempts to deliver it directly.
• No response was received from the Noticees within the 14-day deadline provided in the 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 1, 2014, to September 30, 2015.
• The total number of non-genuine trades identified in the broader BSE stock options segment during this period was 2,91,744, comprising 81.40% of all trades in that segment.
• The proceedings against the company itself were previously disposed of because APPL was struck off from the Registrar of Companies list and dissolved.
• The order notes that the alleged artificial volume generated by APPL constituted 100% of the volume generated by the company in the specific contracts involved.