SEBI finds Prabhat executed 20 non-genuine reversal trades in 6 stock option contracts
This order addresses SEBI's investigation into alleged manipulative trading in illiquid stock options on the BSE, specifically examining whether the individual 'Prabhat' executed non-genuine reversal trades that created artificial volume.
Prabhat (PAN: AAGFP1439C)
- SEBI found that Prabhat executed 20 non-genuine reversal trades in 6 stock option contracts.
- These trades resulted in the creation of artificial volume totaling 1,64,84,000 units.
- The alleged violations occurred between April 01, 2014, and September 30, 2015.
- SEBI alleged violations of Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the PFUTP Regulations, 2003.
- The Noticee did not respond to the Show Cause Notice or hearing notices, leading SEBI to proceed ex-parte and presume the allegations were admitted.
- The order cites the appointment of an Adjudicating Officer and references prior interim orders from 2015-2016 regarding the broader illiquid stock options matter.
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Document details
| Official title | Adjudication Order in respect of Prabhat in the matter of Illiquid Stock Options on BSE |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/RK/2026-27/32369 |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |