JPMorgan Unit Accused of Stock Market Manipulation in India

JPMorgan's Copthall Mauritius, a unit accused of manipulating India's stock market, is set to argue that its actions were technical in nature rather than manipulative.

The regulator, SEBI, banned the unit from accessing the capital market and fined it ₹3.7 crore ($386,000) for unlawful gains last week. The entity plans to seek additional information on an interim order from SEBI when they get a hearing, but is unlikely to appeal the order for now.

This move suggests that Copthall Mauritius is taking a conciliatory approach towards Indian regulators, who have been proactive in reforming the market and penalizing foreign firms. The unit's actions come under scrutiny as SEBI becomes increasingly active in enforcing compliance with its regulations.