The Capital markets regulator, Securities and Exchange Board of India (SEBI) has said it had settled penal proceedings against 1,018 entities for fraudulent trading in the futures and options segment of BSE in 2014-15.

The regulator said it had received settlement amounts ranging from 500,000 rupees to 5 mln rupees per trading entity in the matter. The collective settlement amount was more than 500 mln rupees. In an investigation by SEBI, about 14,720 trading entities were found to have violated the prohibition of fraudulent and unfair trade practices with respect to their trades in illiquid stock options on BSE.

After initiating adjudicating proceedings against these entities, SEBI had passed penal orders against some of them and was in the process of completing the proceedings against the rest. But the Securities Appellate Tribunal, while hearing an appeal against one of the orders in 2019, instructed SEBI to formulate a special dispute resolution scheme in the matter. Last year, SEBI permitted the entities to settle the cases under a special settlement scheme between August and December. About 1,018 entities availed of the special scheme.

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