 "SEBI")
The Supreme Court (SC) has upheld a 2009 order against Rakhi Trading by Securities and Exchange Board of India (Sebi), providing a shot in the arm to the market regulator's effort to nail culprits indulging in manipulative practices such as “synchronised trading”.
The market regulator had imposed a penalty of Rs 10.8 million on the trading firm in March 2009 for allegedly creating artificial volumes of futures & options (F&O) on the National Stock Exchange through ‘reversal of trade’ route. However, the order has been struck down by Securities and Appellate Tribunal (SAT) in 2011.
Setting aside the SAT
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