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.
Ashwin Chunibhai Shah (PAN: AMXPS1436R)
- 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.
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Document details
| Official title | Adjudication Order in respect of Ashwin Chunibhai Shah in the matter of Illiquid Stock Options on BSE |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/RK/2026-27/32341 |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |