Markets Securities & Exchange Board
SEBI finds 36 fake trades creating 33.48 lakh artificial units in stock options
This order addresses SEBI's investigation into Saffire Exports And Agency Private Limited for allegedly executing non-genuine reversal trades in illiquid stock options on the BSE, which created artificial trading volume.
Who it concerns: Saffire Exports And Agency Private Limited (PAN: AAECS0708A)
What SEBI found or ordered
- SEBI found that the Noticee executed 36 non-genuine trades in 7 stock option contracts, resulting in an artificial volume of 33,48,000 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 avail of the SEBI Settlement Scheme 2022 or the ISO Settlement Scheme 2024.
- The Noticee failed to respond to the Show Cause Notice or attend hearings, leading SEBI to proceed ex-parte and presume the allegations were admitted.
- The order cites Section 15HA of the SEBI Act for imposing a monetary penalty.
Also in the document
- SEBI noted that the Noticee was one of several entities involved in a larger pattern where 81.40% of BSE stock option trades during the period (April 2014 to September 2015) were allegedly non-genuine.
- The adjudication was conducted ex-parte because the Noticee did not respond to multiple notices served via email, SPAD, and public newspaper notices.
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The original document
Securities & Exchange Board of India (SEBI) — enforcement orders
Regulatory order · Ref. Order/AK/RK/2025-26/32331 · 8 Apr 2026
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