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JPMorgan Unit Banned from Indian Markets Over Alleged Manipulation

Guavy AI Editorial Team
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JPM
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The Securities and Exchange Board of India (SEBI) has banned a Mauritius-based unit of JPMorgan Chase & Co. from participating in India's capital market.

The ban is due to allegations of market manipulation in the country's newly introduced auction-based system for share price discovery.

SEBI has also impounded $386,000 as wrongful gains made by the JPMorgan unit Copthall Mauritius Investment Ltd. and local firm Mansi Share and Stock Broking Ltd.

The alleged manipulation involved placing 'outsized orders' in Sensex stocks during the closing auction, accounting for over 90% of all orders in some securities.

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