India bars JPMorgan entity from securities market over trading probe

India's market regulator barred JPMorgan-owned Copthall Mauritius Investment from the securities market, alleging manipulative trading patterns. The interim order also named Mansi Share and Stock Broking in the case. SEBI accused Copthall of artificially inflating Sensex closing prices during the new Closing Auction Session on August 13, when weekly derivatives expired. The regulator said large buy orders lacked genuine intent, some were cancelled, and the trades generated gains of 29.6 million rupees. The CAS replaced a 30-minute average pricing system on August 3, aligning with global practices. Thin liquidity makes it susceptible to manipulation. Both firms are barred pending investigation and can challenge the order.