SEBI Closes Unitech Stock Manipulation Probe, Cites Insufficient Evidence Against Chandra Brothers
6 months ago

SEBI Closes Unitech Stock Manipulation Probe, Cites Insufficient Evidence Against Chandra Brothers

Live Law  

The Securities and Exchange Board of India has closed investigation into allegations of stock manipulation against Sanjay Chandra and Ajay Chandra, the former promoters of Unitech Ltd. The investigation, which spanned several years, aimed to determine if the Chandra brothers engaged in fraudulent practices by routing funds through overseas accounts to manipulate the stock of their own company, Unitech Ltd. SEBI initiated the investigation to find out the potential routing of funds to the securities market through the Switzerland-based bank UBS AG between April 1, 2006, and March 31, 2008. The investigation focused on whether the Chandra brothers used these funds to manipulate Unitech's stock prices. While the investigation inferred that the Chandra brothers regularly transferred funds to foreign subsidiaries, the end-use of these funds remained untraced due to a lack of documentary evidence. The investigation held that the evidence was insufficient to prove that the Chandra brothers engaged in manipulative and deceptive practices to influence Unitech's stock prices.

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History of this topic

​Step down: On upholding the integrity of SEBI
4 months, 1 week ago

​Step down: On upholding the integrity of SEBI

The Hindu  

Not since the Harshad Mehta scam of 1992 has India’s securities regulations and oversight come under such scrutiny. However, the accusations of a conflict of interest levelled by New York-based short-seller Hindenburg Research against SEBI chairperson Madhabi Puri Buch in the conduct of the ongoing investigations against the Adani Group, the Ahmedabad-based global infrastructure to FMCG major, for alleged stock …

IIFL Securities turns bearish after SEBI investigates Sanjiv Bhasin’s role in stock manipulation, stock crashes 10%
5 months, 3 weeks ago

IIFL Securities turns bearish after SEBI investigates Sanjiv Bhasin’s role in stock manipulation, stock crashes 10%

Live Mint  

Shares of domestic brokerage IIFL Securities turned bearish soon after capital markets regulator Securities and Exchange Board of India initiated a probe into Sanjiv Bhasin's role in stock market manipulation. Bhasin, who regularly provides stock trading suggestions on various business news channels, was associated with IIFL Securities as a consultant on a contractual basis. The report quoted IIFL Securities in …

Sebi closes probe into former Unitech promoters, cites lack of evidence
6 months ago

Sebi closes probe into former Unitech promoters, cites lack of evidence

Live Mint  

The Securities and Exchange Board of India has closed an investigation against Unitech Ltd's former promoters Sanjay Chandra and Ajay Chandra over allegations of stock manipulation. Lack of sufficient corroborative evidence Sebi chief general manager G. Ramar, the adjudicating officer in the case, observed in the order that there was a lack of sufficient corroborative evidence to establish the allegation …

An unclean chit: The Hindu Editorial on the SEBI investigation and Hindenburg Research’s allegations
1 year, 7 months ago

An unclean chit: The Hindu Editorial on the SEBI investigation and Hindenburg Research’s allegations

The Hindu  

Last Wednesday, the Supreme Court granted the Securities and Exchange Board of India more time to complete its investigation into Hindenburg Research’s allegations of malfeasance, stock price manipulations and violations of minimum public shareholding requirements in Adani Group firms. But the findings of a six-member expert panel, tasked by the Court to review Indian securities market’s overall regulatory and investor …

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