Indiabulls says not involved in fake F&O deals
The markets regulator Tuesday warned 15 brokers and 10 other entities for alleged fictitious transactions in the F&O segment.
By INDIATIMES NEWS NETWORK |
MUMBAI: Indiabulls Financial Services Ltd Wednesday clarified that Indiabulls Securities Ltd or any group companies are not involved in any fake trading or price fixing in futures and options and have not traded directly or indirectly on its own account in the 23 trades mentioned in the Securities and Exchange Board of India order.
The markets regulator Tuesday warned 15 brokers and 10 other entities for alleged fictitious transactions in the F&O segment.
The brokerages include Angel Capital & Debt Market, Indiabulls Securities, Steel City Securities, Ashika Stock Broking, Khandwala Integrated Financial Services.
“The motive of such transactions was not genuine purchase and sale but rather seemed to be for creating artificial market for trading in futures & options and booking profit/losses on such transactions,” the SEBI order said.
SEBI has picked out brokers that had undertaken over 20 reversal transactions between January and March, and whose cumulative reversal differences exceeded Rs 25 lakh.
“Out of the 23 trades, 17 were done by clients through the Internet trading. Indiabulls Securities is in the process of issuing notices and taking further strict measures against the clients who have executed these questionable 23 trades which have resulted into a close out difference of approx Rs 35 lacs,” Indiabulls said in a notice to the Bombay Stock Exchange.
At 1:51PM, Indiabulls Financial shares were at Rs 555 on BSE, up 1.61% over Tuesday’s close. In trade so far, it has seen a high of Rs 561.30 and low of Rs 530.10. The shares of the real estate arm Indiabulls RealEstate were at Rs 399, up nearly 3%.
The markets regulator Tuesday warned 15 brokers and 10 other entities for alleged fictitious transactions in the F&O segment.
The brokerages include Angel Capital & Debt Market, Indiabulls Securities, Steel City Securities, Ashika Stock Broking, Khandwala Integrated Financial Services.
“The motive of such transactions was not genuine purchase and sale but rather seemed to be for creating artificial market for trading in futures & options and booking profit/losses on such transactions,” the SEBI order said.
SEBI has picked out brokers that had undertaken over 20 reversal transactions between January and March, and whose cumulative reversal differences exceeded Rs 25 lakh.
“Out of the 23 trades, 17 were done by clients through the Internet trading. Indiabulls Securities is in the process of issuing notices and taking further strict measures against the clients who have executed these questionable 23 trades which have resulted into a close out difference of approx Rs 35 lacs,” Indiabulls said in a notice to the Bombay Stock Exchange.
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At 1:51PM, Indiabulls Financial shares were at Rs 555 on BSE, up 1.61% over Tuesday’s close. In trade so far, it has seen a high of Rs 561.30 and low of Rs 530.10. The shares of the real estate arm Indiabulls RealEstate were at Rs 399, up nearly 3%.
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