https://www.taxtmi.com/caselaws?id=464613 Reversal trades in an illiquid stock options contract, executed with the same counterparty and showing near-instantaneous price variation, were treated as non-genuine and indicative of artificial volume creation. Manipulative intent could be inferred from the totality of circumstances, even without direct proof of collusion, and the conduct was found to violate the SEBI Prohibition of Fraudulent and Unfair Trade Practices Regulations. Once that contravention was established, monetary penalty followed as a civil consequence under the securities law framework. In assessing quantum, the absence of clear data on gain, loss, or repetition did not prevent a penalty where the trades distorted market mechanism and warranted sanction commensurate with the seriousness of the breach. en-us Mon, 27 Jan 2025 00:00:00 +0530 Thu, 06 Nov 2025 19:04:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464613 Reversal trades in an illiquid stock options contract, executed with the same counterparty and showing near-instantaneous price variation, were treated as non-genuine and indicative of artificial volume creation. Manipulative intent could be inferred from the totality of circumstances, even without direct proof of collusion, and the conduct was found to violate the SEBI Prohibition of Fraudulent and Unfair Trade Practices Regulations. Once that contravention was established, monetary penalty followed as a civil consequence under the securities law framework. In assessing quantum, the absence of clear data on gain, loss, or repetition did not prevent a penalty where the trades distorted market mechanism and warranted sanction commensurate with the seriousness of the breach. Case-Laws SEBI Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464613