The Securities and Exchange Board of India (SEBI) issued multiple regulatory rulings on July 31, 2026. The decisions finalized proceedings involving Religare Enterprises, penalized non-genuine trades in BSE illiquid stock options by Bansal Integrated Services, addressed trading activities in SecureKloud Technologies, and cracked down on unregistered advisor Mohit Gupta.
MUMBAI — The Securities and Exchange Board of India (SEBI) issued a series of quasi-judicial orders on July 31, 2026, resolving prominent enforcement cases across Indian equity and derivatives markets. The regulatory rulings concluded proceedings against Religare Enterprises Limited regarding its past open offer, issued an adjudication order against Bansal Integrated Services Private Limited for illiquid stock options trading on the BSE, finalized findings on trading in SecureKloud Technologies Ltd., and barred unregistered investment advisor Mohit Gupta, proprietor of Safe Trading.
These actions reflect SEBI’s ongoing effort to enforce corporate takeover rules, eliminate non-genuine trading schemes on national exchanges, and protect retail investors from unauthorized financial advice.
SEBI Disposes of Proceedings in Religare Enterprises Open Offer Case
In its final order concerning Religare Enterprises Limited (REL), SEBI formally closed proceedings initiated against the company, former Executive Chairperson Rashmi Saluja, and five board members. The regulator held that further directions were unnecessary because the takeover process had already been completed.
The proceedings stemmed from an interim order and show-cause notice issued on June 19, 2024, alleging that REL's management had failed to facilitate statutory approvals—including Reserve Bank of India clearances—required for an open offer launched by the Burman Group. SEBI noted that the open offer concluded in February 2025, allowing the Burman Group to acquire controlling interest in REL. The regulator stated that its earlier directions were preventive and remedial, achieving their primary purpose once management control transitioned smoothly.
Independent directors argued that they relied on management representations, while former executive officials maintained that their decisions were guided by independent legal opinions assessing the offer's impact on shareholders.
Adjudication Order Against Bansal Integrated Services in BSE Options Case
Addressing persistent market manipulation schemes in derivative markets, SEBI passed an adjudication order against Bansal Integrated Services Private Limited. The order is part of SEBI's broader crackdown on trade reversals executed in illiquid stock options on BSE Limited.
According to regulatory filings, entities involved in illiquid option trades entered into non-genuine offsetting positions with identical counterparties on the same trading day. These transactions resulted in significant price variations without changing beneficial ownership. SEBI determined that such conduct violates Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations by creating artificial trading volumes and misleading price signals.
Regulatory Findings on SecureKloud Technologies Trading Conduct
SEBI finalized its findings regarding trading activities in the scrip of SecureKloud Technologies Ltd., a publicly listed company on BSE and NSE.
The regulatory examination focused on transaction patterns, promoter shareholding shifts, and reporting disclosures. Previous interim proceedings by SEBI had uncovered financial statement manipulations and unauthorized diversions of corporate funds. The latest order evaluates entity-level trading during periods of high price volatility, confirming SEBI's commitment to holding directors and connected market entities accountable for reporting lapses.
Final Order Barring Unregistered Advisor Mohit Gupta of Safe Trading
In a direct move against illegal financial services, SEBI issued a final order against Mohit Gupta, proprietor of "Safe Trading". The regulator barred Gupta from accessing the securities market for operating as an unregistered investment advisor.
SEBI’s investigation was triggered by investor complaints alleging substantial financial losses following tips distributed via Telegram and WhatsApp channels. The regulator found that Gupta offered algorithmic trading and advisory packages promising guaranteed accuracy without holding statutory SEBI registration required under Investment Advisers Regulations.
Official Sources
According to official regulatory releases published on the SEBI web portal:
Religare Open Offer Order: "The directions issued in the interim order cum show cause notice dated June 19, 2024, were preventive and remedial in nature and had achieved their purpose after the open offer concluded and control passed to the acquirers."
Options Trading Conduct: "Non-genuine trade reversals in illiquid stock options violate market integrity standards and create false volume indicators on national exchanges."
Unregistered Investment Advisory: "Entities soliciting funds or offering algorithmic trading strategies without regulatory registration violate core provisions of the SEBI Act and Investment Advisers Regulations."
Quotes
"According to officials, regulatory interventions in takeover compliance are designed to ensure acquisition processes proceed without unlawful obstruction and protect minority shareholder rights."
"Organizers stated that SEBI continues to systematically resolve adjudication matters in BSE illiquid stock options to enforce fair trading conduct across all market participants."
Why It Matters
For Equity Investors: Closing governance disputes in takeover cases like Religare provides long-term clarity on ownership and management control.
For Derivative Traders: Penalties against Bansal Integrated Services signal strict regulatory intolerance for artificial trade reversals used to manufacture tax or volume advantages.
For Retail Market Participants: Banning unregistered advisors like Mohit Gupta protects investors from unvetted advisory schemes and unauthorized algo-trading services.
Key Facts at a Glance
Religare Probe Disposed: SEBI closed proceedings against REL and former executive chairperson Rashmi Saluja following completion of the Burman Group open offer.
BSE Illiquid Options Action: Adjudication order passed against Bansal Integrated Services Private Limited over non-genuine trade reversals.
SecureKloud Order Finalized: Proceedings concluded regarding trading patterns and promoter activities in SecureKloud Technologies Ltd.
Safe Trading Banned: Mohit Gupta prohibited from securities markets for running unregistered Telegram and WhatsApp advisory services.
Frequently Asked Questions
Why did SEBI close the case against Religare Enterprises?
SEBI closed the proceedings because the Burman Group successfully completed its open offer and took control of Religare Enterprises in February 2025, fulfilling the underlying objective of SEBI's interim directions.
What is the issue with BSE illiquid stock options trading?
Entities entered into circular, non-genuine option trades with same counterparties on the same day at varied prices, creating false volume without economic substance.
How can investors verify registered investment advisors?
Investors can check the official SEBI portal to verify if an individual or firm holds a valid registration number before paying for trading advice or subscription plans.
Source: Securities and Exchange Board of India (SEBI)
