Adjudication Order in respect of Ashwin Chunibhai Shah in the matter of Illiquid Stock Options on BSE
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What is this order about?
This order addresses Ashwin Chunibhai Shah's alleged manipulation of the stock options market on BSE through non-genuine trades that created artificial volume, violating SEBI regulations.
Who it concerns
Ashwin Chunibhai Shah (PAN: AMXPS1436R)
What was found or directed
- SEBI found 9 non-genuine trades executed by Ashwin Chunibhai Shah in 4 stock options contracts
- These trades created artificial volume of 6,26,000 units
- Violated PFUTP Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a)
- No response received from the Noticee to show cause notice
- Proceeded ex-parte based on material available on record
Points worth noting
- Artificial volume generated by the Noticee contributed 4.55% to 38.46% of total market volume in the contracts
- Trades were squared up within short time with same counterparty
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/RK/2026-27/32341 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
Highlights & Points worth asking
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Documents
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Order
2026-04-13
ORDER_1776078392.pdf
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