Sebi Lifts Trading Ban on JPMorgan Unit After Index Manipulation Deposit
India's market regulator Sebi has lifted its trading ban on JPMorgan's unit, Copthall, after the company deposited Rs 2.96 crore related to alleged unlawful gains from trades during the closing auction session on the BSE on August 13.
The payment relates to a case of index manipulation in which both entities were accused of executing manipulative trades to influence the indicative equilibrium price of the BSE Sensex Index and benefit their options positions linked to the benchmark.
Although Sebi has allowed both entities to trade, its investigation into the alleged manipulation will continue. The regulator had ordered Copthall and Mansi Share to hand over the alleged gains after finding that they executed manipulative trades during the end-of-day auction on August 13.