Markets Securities & Exchange Board
SEBI finds 9 non-genuine trades in 4 stock option contracts
This order addresses SEBI's findings that Ashwin Chunibhai Shah executed non-genuine reversal trades in illiquid stock options on the BSE, creating artificial volume.
SEBI determined these actions violated regulations prohibiting fraudulent and unfair trade practices.
Who it concerns: Ashwin Chunibhai Shah (PAN: AMXPS1436R)
What SEBI found or ordered
- SEBI found that the Noticee executed 9 non-genuine trades in 4 stock option contracts.
- These trades resulted in the creation of artificial volume totaling 6,26,000 units.
- SEBI alleged violations of Regulations 3(a), (b), (c), (d), 4(1), and 4(2)(a) of the PFUTP Regulations, 2003.
- The Noticee did not respond to the Show Cause Notice or hearing notices despite multiple service attempts.
- SEBI proceeded ex-parte, presuming the allegations were admitted due to the lack of response.
Also in the document
- The investigation period covered April 1, 2014, to September 30, 2015.
- SEBI noted that the Noticee's artificial volume contributed between 4.55% and 38.46% of the total market volume in the specific contracts involved.
- The order references a broader investigation where 14,720 entities were found to be involved in non-genuine trades in the BSE stock options segment.
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The original document
Securities & Exchange Board of India (SEBI) — enforcement orders
Regulatory order · Ref. Order/AK/RK/2026-27/32341 · 13 Apr 2026
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