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

SEBI examined whether these actions violated regulations prohibiting fraudulent and unfair trade practices.

Who it concerns: Rajwadi Retail Trade Systems Private Limited (PAN: AAECR4394M)

What SEBI found or ordered

• 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.

Also in the document

• The investigation period covered April 1, 2014, to September 30, 2015.
• SEBI noted that the Noticee's non-genuine trades constituted 50% to 100% of the total trades in the specific contracts involved.
• The order references a broader investigation where 14,720 entities were found to be involved in similar non-genuine trades on BSE.