SEBI v. Indira Mondal and Techno Road-Link Pvt Ltd (BSE illiquid stock options reversal trades, 2024)

Settled

✓ Checked against the primary document on October 8, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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On 3 January 2024 two SEBI whole-time members issued a supplementary settlement order covering two applicants who had been left out of an earlier March 2023 order on reversal trades in illiquid stock options at BSE. Each had paid Rs 1 lakh under the SEBI Settlement Scheme 2022, and the order closes the proceedings against them.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

200k INR

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

This is a short supplementary settlement order dated 3 January 2024, signed by two whole-time members of the Securities and Exchange Board of India. It concerns two applicants, Indira Mondal and Techno Road-Link Private Limited, which was earlier called Nirikshan Consultancy Private Limited. It belongs to the broad enforcement campaign over reversal trades in the illiquid stock options segment of BSE.

Adjudication proceedings had been brought against both applicants for alleged breaches of the 2003 fraud and unfair trade practice regulations, specifically provisions on manipulative and fraudulent dealing. The order does not itself set out the trading facts. Both applicants applied to settle under the SEBI Settlement Scheme 2022 and the earlier settlement order of 8 March 2023 had not named them.

The order explains why. Ms Mondal had paid the settlement money straight into a SEBI bank account rather than applying through the scheme's online portal, and later filed the application and paid the fee. The company had paid under the name of its pre-merger predecessor, whose details were still on the payment portal, so SEBI's systems did not match the payment to the applicant.

Because each had remitted Rs 1 lakh while the scheme was open, SEBI extended the scheme's benefit to both. The order settles the proceedings, bars SEBI from starting or continuing enforcement for the same defaults, and reserves the right to reopen if a representation proves untrue or an undertaking is breached. The settlement amounts come to Rs 2 lakh in total.

The record does not show the underlying trades, the profit involved, or any admission, since the order does not describe the findings of the original investigation. It describes no criminal case. Settlement orders under the scheme are issued without admission or denial of the allegations.

This library tags the matter as matched orders (reversal trades). The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Matched orders — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2024-01-03 SEBI supplementary settlement order

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order
• SEBI order
• Order (PDF)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.