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

This order addresses alleged manipulative trading by Ankitkaran Properties Private Limited (APPL) in illiquid stock options on the BSE, which created artificial volume. Since APPL was dissolved, SEBI initiated proceedings against its directors, Mukund Dubey and Nitesh Singh, for violating regulations against fraudulent and unfair trade practices.

Mukund Dubey, Nitesh Singh, Ankitkaran Properties Private Limited (APPL)

• 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.

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