SEBI finds 1,92,000 artificial units from 6 non-genuine trades in BSE stock options

This order addresses SEBI's adjudication proceedings against Bimla Devi Killa for alleged manipulation of the Bombay Stock Exchange (BSE) stock options market through non-genuine reversal trades that created artificial volume between April 2014 and September 2015.

Who it concerns: Bimla Devi Killa (PAN: AESPK3270J)

What SEBI found or ordered

• SEBI found that the Noticee executed 6 non-genuine trades in 1 stock options contract, resulting in an artificial volume of 1,92,000 units.
• The Noticee was charged with violating 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 avail of the SEBI Settlement Scheme 2022 or the ISO Settlement Scheme 2024 despite being intimated.
• The Noticee failed to submit a reply to the Show Cause Notice or attend the hearings held on June 22, 2023, and November 06, 2025.
• The Adjudicating Officer proceeded ex-parte, presuming the allegations were admitted due to the lack of response.

Also in the document

• The investigation revealed that 14,720 entities were involved in executing non-genuine trades in BSE’s stock option segment during the investigation period.
• The total number of alleged non-genuine trades across all entities was 2,91,744, comprising 81.40% of all trades in the BSE stock options segment during the specified period.
• The case was heard by Dr. Anitha Anoop, who was appointed as the Adjudicating Officer via an order dated April 03, 2025.