Adjudication Order in respect of SIC Stocks Services Private Limited in the matter of Illiquid Stock Options
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What is this order about?
This order addresses SIC Stocks Services Private Limited's alleged manipulation of the stock options market by creating artificial trading volumes through non-genuine reversal trades during April 2014 to September 2015.
Who it concerns
SIC Stocks Services Private Limited (PAN: AAHCS8176P)
What was found or directed
- SEBI found SIC Stocks Services Private Limited executed 12 non-genuine trades in 2 stock options contracts
- These trades created artificial volume of 1,36,000 units
- SEBI determined the trades were manipulative and deceptive
- SEBI found violations of PFUTP Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a)
- SEBI imposed penalty under Section 15HA of SEBI Act
Points worth noting
- The trades were reversal trades with same counterparty on same day with significant price difference
- The artificial volume generated contributed 5.99% to 9.52% of total market volume in the contracts
- The company did not respond to show-cause notice, leading to ex-parte proceedings
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32367 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
Highlights & Points worth asking
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Documents
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Order
2026-04-20
ORDER_1776663572.pdf
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