Adjudication Order in respect of Mukund Dubey and Nitesh Singh in the matter of Illiquid Stock Options at BSE
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What is this order about?
This order concerns Mukund Dubey and Nitesh Singh, former directors of Ankitkaran Properties Private Limited (APPL), for allegedly causing artificial volume in stock options trading at BSE through non-genuine trades during April 2014 to September 2015.
Who it concerns
Mukund Dubey, Nitesh Singh
What was found or directed
- SEBI found that APPL executed 6 non-genuine trades in 2 stock options contracts
- These trades created artificial volume of 13,88,000 units
- Directors Mukund Dubey and Nitesh Singh were liable for APPL's violations under Section 248(7) of Companies Act, 2013
- SEBI found violations of PFUTP Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a)
- Noticees did not respond to show cause notice, so allegations were deemed admitted
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/DS/2026-27/32357-32358 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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Documents
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Order
2026-04-20
ORDER_1776655314.pdf
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