SEBI’s adjudicating officer found that two individuals did not violate SEBI’s unfair trade practice while trading in UTI Sunder ETF.
Market regulator SEBI today disposed two cases against individuals which alleged them of unfair trade practice in trading in UTI Sunder ETF.
SEBI had initiated investigation during the period August 01, 2011 to November 04, 2011 in Sunder ETF which opened at Rs 660 on 03.08.2011 and closed at Rs 2,054 on 04.11.2011 on BSE. SEBI ordered an investigation to examine the price movement in UTI SUNDER ETF.
SEBI had initiated investigations against two individuals - Keyur Jagdishbhai Kakrecha and Mohammad SadikAbdulkaderMalek for allegedly violating Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003.
Ravi Kumar, chief general manager & adjudicating officer, SEBI observed that these individuals had only executed single transactions each and found that violation of SEBI Fraudulent and Unfair Trade Practices was not established.
The adjudicator found that Mohammad Sadik Abdulkader Malek and Keyur Jagdishbhai Kakrecha executed trade worth Rs 1104 and Rs 2650 respectively and said that trading of only one unit will not amount to artificially inflating the price of UTI SUNDER ETF.
