Aviral Gupta, Ayushi Agarwal and Saloni Ruia were also penalised by the markets watchdog.
The Securities and Exchange Board of India (Sebi) had observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange.
Thereafter, the regulator conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015.
These ten entities that have been fined on Wednesday were among those who indulged in the execution of reversal trades.
Reversal trades are alleged to be non-genuine in nature as they are executed in the normal course of trading, which leads to a false or misleading appearance of trading in terms of generating artificial volumes, the regulator said.
By indulging in these acts, the entities violated the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. In a separate order, the markets watchdog cancelled the certificate of registration of Allied Financial Services for flouting regulatory norms.
Allied Financial Services Pvt Ltd (AFSPL) was a registered member of the NSE as well as a depository participant of NSDL (National Securities Depository Ltd).