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India Bans JPMorgan Unit Over Stock Market Manipulation Allegations

Guavy AI Editorial Team
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JPM
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India's securities regulator has taken action against JPMorgan Chase & Co. over allegations of stock market manipulation in the country.

The Securities and Exchange Board of India (SEBI) banned the Mauritius-based unit of JPMorgan, Copthall Mauritius Investment Ltd., from participating in the capital market for its alleged role in manipulating India's auction-based system for share price discovery.

According to SEBI, the firm made wrongful gains of 37 million rupees ($386,000) through its involvement with local firm Mansi Share and Stock Broking Ltd. The regulator has impounded this amount as part of its investigation into the matter.

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