This document discusses synchronized trading under SEBI regulations. It defines synchronized trading as pre-arranged trades between two parties regarding price, time, and quantity. While not illegal per se, it can be considered fraudulent if it manipulates prices, creates false volumes or lacks a change in beneficial ownership. The Supreme Court ruled against traders who consistently lost money in pre-arranged reversed trades, seeing it as an unfair practice. Brokers cannot be automatically liable but can be if they have specific knowledge of fraudulent transactions. Overall more comprehensive regulation is needed to ensure fair securities trading.