SEBI finds 43 fake trades by Rajwadi in 6 stock option contracts

This order addresses SEBI's findings that Rajwadi Retail Trade Systems Private Limited executed non-genuine reversal trades in illiquid stock options on the BSE, creating artificial trading volume. SEBI examined whether these actions violated regulations prohibiting fraudulent and unfair trade practices.

Rajwadi Retail Trade Systems Private Limited (PAN: AAECR4394M)

• SEBI found that the Noticee executed 43 non-genuine trades in 6 stock option contracts.
• These trades resulted in the creation of artificial volume totaling 3,57,500 units.
• The alleged violations are under 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 was served via public notice on March 20, 2026, after multiple failed delivery attempts.
• The Noticee did not respond to the Show Cause Notice, leading SEBI to proceed ex-parte and presume the allegations were admitted.

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