SEBI finds 49 fake trades creating 66,04,000 units of artificial volume

This order addresses SEBI's investigation into Grand Dealtrade Private Limited for allegedly executing non-genuine reversal trades in illiquid stock options on the BSE between April 2014 and September 2015, which created artificial trading volume.

Who it concerns: Grand Dealtrade Private Limited (PAN: AAECG1630P)

What SEBI found or ordered

• SEBI found that the Noticee executed 49 non-genuine trades across 23 stock option contracts.
• These trades resulted in the creation of artificial volume totaling 66,04,000 units.
• The Noticee failed to respond to the Show Cause Notice after multiple service attempts, leading SEBI to proceed ex-parte and presume the allegations were admitted.
• The order cites 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.

Also in the document

• The investigation period covered a broader market issue where 81.40% of all BSE stock option trades were allegedly non-genuine.
• The Noticee's artificial volume contributed between 3.24% and 73.53% of the total market volume in the specific contracts involved.
• The Show Cause Notice was ultimately served via public notice in three newspapers in Kolkata in March 2026 due to failed direct deliveries.