JPMorgan-Linked Firm Among Two Barred by SEBI for Closing Auction Manipulation
India’s securities regulator SEBI banned two firms for allegedly manipulating trades in a newly launched closing-price mechanism that sets end-of-day official prices. SEBI ordered impounding 36.8 million rupees and said Copthall’s aggressive buys and Mansi’s sell orders distorted Sensex constituents. Wrongful gains were estimated at 29.6 million rupees for Copthall. A JPMorgan spokesperson declined comment.