Markets Securities & Exchange Board
SEBI finds 30 fake trades creating 20,12,000 units artificial volume
This order addresses SEBI's findings that Sagarotharaka Vanijya Private Limited 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: Sagarotharaka Vanijya Private Limited (PAN: AAPCS4843R)
What SEBI found or ordered
- SEBI found the Noticee executed 30 non-genuine trades in 15 stock option contracts.
- These trades resulted in the creation of artificial volume of 20,12,000 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 attend the hearing, leading to an ex-parte proceeding where allegations were presumed admitted.
- The order is an Adjudication Order under Section 15-I of the SEBI Act, 1992.
Also in the document
- The investigation period covered April 1, 2014, to September 30, 2015.
- SEBI noted that the Noticee's non-genuine trades constituted 100% of the volume it generated in those specific contracts.
- The Noticee was one of 14,720 entities identified by SEBI as involved in non-genuine trades in the BSE stock options segment during the investigation period.
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The original document
Securities & Exchange Board of India (SEBI) — enforcement orders
Regulatory order · Ref. Order/AK/RK/2026-27/32339 · 13 Apr 2026
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