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JPMorgan Entity Among Firms Banned in India Price Manipulation Scandal

Guavy AI Editorial Team
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JPM
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India's Securities and Exchange Board of India (SEBI) has banned two firms from trading for allegedly manipulating trades on the closing-price mechanism used to determine the final official price of a security at the end of a trading day.

The firms, Copthall Mauritius Investment and Mansi Share and Stock Broking, were accused of distorting prices of Sensex constituent stocks during the newly introduced closing auction session (CAS) on August 13. The CAS is a 20-minute auction window that starts at 3:15 p.m. IST after regular trading ends.

According to SEBI, Copthall's aggressive buy orders and Mansi's large sell orders during the CAS distorted prices of Sensex constituent stocks. SEBI estimated wrongful gains of about 29.6 million rupees for Copthall and 7.2 million rupees for Mansi.

The regulator ordered impounding a total of 36.8 million rupees from the banned firms and said any manipulation or unfair practices employed to disturb the fair discovery of prices in CAS has to be dealt with sternly by the regulator.

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