SEBI finds 24 fake trades by Asan Steels in 12 stock options, creating 57,64,500 artificial units

SEBI determined that these actions violated regulations prohibiting fraudulent and unfair trade practices.

Who it concerns: Asan Steels Private Limited (PAN: AAHCA8637P)

What SEBI found or ordered

• SEBI found that the Noticee executed 24 non-genuine trades in 12 stock option contracts, resulting in an artificial volume of 57,64,500 units.
• SEBI determined that the Noticee 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 or avail of the SEBI ISO Settlement Scheme, 2024, despite multiple attempts at service.
• SEBI proceeded ex-parte, presuming the allegations were admitted due to the lack of response from the Noticee.

Also in the document

• The investigation period covered trades from April 01, 2014, to September 30, 2015.
• SEBI noted that 14,720 entities were involved in executing non-genuine trades in the BSE stock option segment during the investigation period.
• The order references the SEBI ISO Settlement Scheme, 2024, which offered settlement amounts based on the number of contracts involved, but the Noticee did not participate.