Mumbai: The Securities and Exchange Board of India (SEBI) has frozen alleged wrongful gains of ₹28.12 crore after uncovering a suspected cross-segment manipulation strategy involving stock futures and options.
In an ex-parte interim order dated September 16, SEBI acted against Prrsaar Sampada Private Limited, Chaubara Eats Private Limited and four individuals — Ved Prakash Gupta, Priti Gupta, Saroj Gupta and Gaurav Tomar. The regulator said its findings are prima facie and require detailed investigation.
₹28.12 Crore Impounded
SEBI directed the parties to place the alleged gains in fixed deposits with a lien marked in favour of the regulator. Of the total, ₹22.06 crore was attributed to Prrsaar Sampada and its directors, while ₹6.06 crore was linked to Chaubara Eats and its directors.
The six parties have been restrained from accessing the securities market until the required amounts are deposited. After compliance, they can participate in the cash market but will remain barred from equity derivatives trading.
Surveillance Flags Unusual Trades
The case emerged after surveillance by the National Stock Exchange (NSE) and SEBI flagged unusually high profits made by Prrsaar in stock options alongside losses in futures involving the same underlying shares.
Prrsaar, a SEBI-registered stockbroker and depository participant, stopped the activity in its proprietary account after communications from NSE in February and March 2026. SEBI later identified a similar trading pattern in Chaubara Eats.
Smaller Stocks Allegedly Targeted
According to the regulator, the entities primarily targeted relatively smaller and less-liquid stocks among those eligible for derivatives trading.
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The alleged strategy involved placing large near-the-money options orders at prices above and below prevailing market levels while taking alternating buying and selling positions in stock futures.
SEBI is investigating whether these orders and futures trades were coordinated to artificially influence prices and create profitable opportunities in options.
The regulator described the suspected conduct as a potentially manipulative, fraudulent and unfair trading practice involving coordinated activity across derivatives segments.
