Copthall Lifted from Ban After Paying $350,000 for Market Manipulation Allegations
India's securities regulator has lifted its ban on JPMorgan Chase subsidiary Copthall Mauritius Investment Ltd. after the firm paid up to settle allegations of market manipulation.
The Securities and Exchange Board of India (SEBI) lifted the ban on September 9, but with a catch: Copthall remains barred from participating in the BSE's closing auction session while SEBI's investigation continues.
Copthall deposited 29.6 million rupees ($350,000) to cover what SEBI estimated as wrongful gains, while Indian brokerage Mansi Share and Stock Broking chipped in approximately 7.2 million rupees. Combined, the two firms deposited around 36.8 million rupees (about $387,000).
The trouble started on August 13 when SEBI says both firms placed and then cancelled oversized orders during the Bombay Stock Exchange's closing auction session.