Market rigging and tax default cases on the rise, says SEBI
DSIJ Intelligence / 19 Aug 2017
As per a news agency, since the beginning of the current financial year, capital market regulator Securities and Exchange Board of India (SEBI) has received a total of 187 cases of market manipulation and price rigging and 34 cases of insider trading.
As per a news agency, since the beginning of the current financial year, capital market regulator Securities and Exchange Board of India (SEBI) has received a total of 187 cases of market manipulation and price rigging and 34 cases of insider trading. The number of cases is more than double the cases filed over the entirety of FY17.
A total of 2,328 cases have been filed with SEBI till date, of which 2,059 have been probed by the SEBI already. The Income Tax Department has been tracking the evasion of short-term taxes by traders who record fictitious profit and loss statements. In the previous year, 76% of the cases were related to manipulation and price rigging as opposed to 63% in 2015-16.
The spike in the numbers of cases is mainly due to the IT Department’s swift action on tip-offs received from various sources, said the report. Also, the regulator probed 97 cases in the commodity markets for detailed investigation in 2016-17 as compared to 61 cases in 2015-16.
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