India Bans JPMorgan Unit, Impounds 37 Million Rupees Over Alleged Stock Manipulation

3 articles · Updated · Bloomberg · Aug 20

SEBI barred Mauritius-based Copthall Mauritius Investment Ltd., a JPMorgan unit, from India’s capital market in an initial order published late Wednesday.
37 million rupees ($386,000) was impounded from Copthall and local firm Mansi Share and Stock Broking, which the regulator said represented wrongful gains.
The case centers on alleged manipulative trading in India’s newly introduced auction-based system for share price discovery.
The order marks regulatory action against a global bank affiliate and a local broker as India tightens oversight of new market-trading mechanisms.

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