sebi:Order/AS/DP/2025-26/31361

SEBI · SEBI · 2021-06-28 · Asha Shetty, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings disposed of without imposition of any monetary penalty

Provisions invoked

• s. 15
• s. 19
• s. 15H
• s. 15J

Regulations

• Reg. 3
• Reg. 4(1)
• Reg. 3(a)
• Reg. 26

Parties

• Rishav Lakkar

Holding

The allegations against the Noticee of indulging in reversal trades, creating false and misleading appearance of trading, and thereby generating artificial volumes in the Stock Options Segment of BSE were not established, and the adjudication proceedings were disposed of without imposition of any monetary penalty.

Full text

Adjudication Order in respect Rishav Lakkar in the matter of dealings in Illiquid Stock Options at BSE Page 2 of 10 2. Pursuant to investigation by SEBI, it was observed that during IP, a total of 2,91,744 trades comprising substantial 81.41% of all the trades executed in Stock Options of BSE were trades which involved reversal of buy and sell positions by the clients and counterparties in a contract. The investigation revealed that 14,720 entities were involved in executing non-genuine trades in BSE’s Stock Options segment during the investigation period. It was observed that Rishav Lakkar (PAN –ADBPL4199F) (hereinafter referred to as the “Noticee”) was one of the various entities who indulged in execution of reversal trades in stock options segment of BSE during the IP. Such trades were alleged to be non-genuine in nature and created false or misleading appearance of trading in terms of artificial volumes in stock options and therefore were alleged to be manipulative and deceptive in nature. In view of the same, SEBI initiated adjudication proceedings against the Noticee for alleged violation of the provisions of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”).

Adjudication Order in respect Rishav Lakkar in the matter of dealings in Illiquid Stock Options at BSE Page 3 of 10 Adjudication Rules to show cause as to why an inquiry should not be held and

Adjudication Order in respect Rishav Lakkar in the matter of dealings in Illiquid Stock Options at BSE Page 4 of 10 (c) The Noticee's two trades, while dealing in the above said contract during the investigation period, allegedly generated artificial volume of 104000 units, which made up 7.24% of total market volume in the said contract, on the aforesaid date.

Source: SecMarx — sebi:Order/AS/DP/2025-26/31361. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.