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

This order addresses SEBI's findings that Asan Steels Private Limited executed non-genuine reversal trades in illiquid stock options on the BSE, creating artificial volume. SEBI determined that these actions violated regulations prohibiting fraudulent and unfair trade practices.

Asan Steels Private Limited (PAN: AAHCA8637P)

• 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.

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