SEBI Slaps ₹28 Crore Fine on Stock Brokers for Market Manipulation

In a move that sent ripples through the trading community, the Securities and Exchange Board of India (SEBI) announced an interim order on September 16, 2026, freezing roughly ₹28 crore in bank accounts linked to Prrsaar Sampada Private Limited and its sister concern, Chaubara Eats Private Limited.

According to the regulator, the two entities engaged in a repetitive, cross‑segment ruse – buying and selling large blocks of stock futures at prices that strayed noticeably from the long‑term average, while simultaneously taking opposite positions in the options market. In plain English, they were pushing the futures price one way just to reap bigger gains on the options side.

SEBI’s investigation, which covered trading activity from October 2025 through June 2026, zeroed in on the top 13‑most‑traded scrips in the futures segment and the top 10‑most‑profitable days in the options segment. The findings suggest that the firms pocketed about ₹28.12 crore in what the board called “wrongful gains” over a nine‑month span.

What makes the case especially striking is the pattern itself. Prrsaar would intentionally incur losses in its futures trades – a baffling move unless you consider the larger picture. It then took a disproportionately larger position in the options of the same stocks, where the payoff was dramatically higher. SEBI was quick to point out that this was neither a legitimate hedge nor a pure arbitrage play; the two legs were directionally opposite and wildly mismatched.

“Such a trading pattern is manipulative and fraudulent,” the regulator wrote, emphasizing that the scheme distorted prices in one segment to benefit the other, all at the expense of ordinary investors. The order underscores SEBI’s resolve to protect market integrity and send a clear message that manipulation won’t be tolerated.

While the fine and account freeze are immediate consequences, the broader fallout could see tighter scrutiny on other brokerage houses that employ similar cross‑segment tactics. For now, Prrsaar and Chaubara must answer for the alleged ₹28 crore gain, and the market watches closely to see how the enforcement action unfolds.