SEBI has imposed penalties totaling Rs 35 lakh on seven entities for engaging in non-genuine trades in BSE's illiquid stock options, creating artificial volumes. The entities violated PFUTP norms. Additionally, a Rs 10 lakh fine was levied on Nikhil Dayanand Baljekar for market norm violations, and Basant Maheshwari Wealth Advisers LLP was fined Rs 4 lakh for regulatory breaches.