SEBI Slams JPMorgan Unit in Record Time Over Alleged Market Manipulation
The Securities and Exchange Board of India (SEBI) has made a bold move against JPMorgan Chase & Co. by issuing an interim order against its unit, Copthall Mauritius Investment Ltd., and local brokerage firm Mansi Share and Stock Broking Ltd.
The regulator's swift action came just six days after the alleged manipulative trading on August 13, which marks a departure from the past when such rulings often took years to issue.
Market watchers see this as a warning sign for traders attempting to manipulate India's new closing stock auction system. This move is expected to deter any future attempts at market manipulation in the country.