What happened
SEBI imposed a combined penalty of ₹3.7 crore on two entities for alleged manipulation during the CAS (closing auction) segment linked to the Sensex. The two fined entities were Copthall Mauritius Investment Ltd. and Mansi Share and Stock Broking Private Ltd..
SEBI’s allegations focused on order behaviour during the CAS window: large order concentration near the Sensex close, deviations from the CAS reference price and a pattern of quickly cancelling orders.
SEBI’s alleged conduct involving Copthall Mauritius Investment Ltd.
SEBI alleged that Copthall Mauritius Investment Ltd. placed large buy orders shortly before the Sensex close on August 13, with the following key elements:
Copthall Mauritius Investment Ltd. allegedly placed large buy orders that comprised at least 85% of all buy orders shortly before the Sensex close on August 13.After placing these large buy orders, Copthall Mauritius Investment Ltd. allegedly cancelled its latest buy order.SEBI stated that the CAS deviation from the reference price was capped at 3%, and Copthall Mauritius Investment Ltd.’s buy orders allegedly were above that threshold.
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