For a quick background, in 2015, SEBI had found that out of 21,652 entities who traded on BSE Limited (BSE) Stock Options Segment, as many as 14,720 entities were involved in generating artificial volume by executing reversal trades in the segment, i.e., these entities would either sell their options contracts only to buy them subsequently, or vice-a-versa, at a significant price differential. The alleged motive was to book losses or book profits for tax evasion through such non-genuine trades using the platform of stock exchange, making it a violation SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.
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