SEBI finds 12 fake reversal trades created 1,36,000 units artificial volume

This order addresses SEBI's findings that SIC Stocks Services 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.

SIC Stocks Services Private Limited (PAN: AAHCS8176P)

• SEBI found that the Noticee executed 12 non-genuine reversal trades in 2 stock option contracts.
• These trades resulted in the creation of artificial volume totaling 1,36,000 units.
• The Noticee was found to have violated 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 Noticee did not respond to the Show Cause Notice after multiple service attempts, including a public notice in March 2026.
• The Adjudicating Officer proceeded ex-parte, presuming the allegations were admitted due to the lack of response.

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