SEBI bars JPMorgan unit for CAS manipulation
Analysis based on 20 articles · First reported Aug 19, 2026 · Last updated Aug 21, 2026
The action signals SEBI's strict enforcement against manipulation in the new closing auction system, potentially deterring similar practices and supporting market integrity. It may raise compliance costs for foreign and domestic trading firms and could affect trading volumes in the CAS, which has already seen a 40% drop in average turnover.
India's India — Securities and Exchange Board of India (SEBI) issued an ex-parte interim order on August 19, 2026, barring Copthall Mauritius Investment Ltd and Mansi Share and Stock Broking Private Limited Pvt Ltd from the securities market and impounding a combined Rs 3.68 crore for alleged manipulative trading during the Closing Auction Session (CAS) on August 13, 2026, a weekly Sensex expiry day. SEBI found that Copthall placed aggressive buy orders that were later cancelled, while Mansi placed and cancelled large sell orders, distorting the indicative equilibrium price of the S&P BSE Sensex to benefit their derivatives positions. Copthall is a Mauritius-based entity owned by JPMorgan Chase. This is the first formal action by SEBI against any entity trading in the newly introduced CAS, which began on August 3, 2026. SEBI Chairman Tuhin Kanta Pandey had earlier warned of strict action against CAS manipulation. The regulator noted that the entities had created outstanding positions in upcoming weekly Sensex options, necessitating immediate action. Both entities have 21 days to respond. The order follows a similar case against Jane Street Group a year earlier.
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