SEBI bans JPMorgan entity and Mansi Share for market manipulation

The Securities and Exchange Board of India (SEBI) has issued an interim order banning Copthall Mauritius Investment Ltd., a JPMorgan Chase entity, and local brokerage Mansi Share and Stock Broking Ltd. from participating in Indian securities markets. The action follows allegations of manipulative trading during the country’s newly implemented Closing Auction Session (CAS) on August 13, 2026.

SEBI alleges that Copthall executed large buy orders totaling millions of shares during the 20-minute auction window, significantly exceeding industry norms. Simultaneously, Mansi Share placed concurrent sell orders, many of which were later canceled. The coordinated activity resulted in estimated wrongful gains of approximately 36.8 million rupees, with Copthall accounting for roughly 29.6 million rupees and Mansi Share for about 7.2 million rupees.

The regulator’s decision was issued within six days of the suspected manipulation, signaling an accelerated enforcement posture regarding the CAS, which replaced the previous volume-weighted average price method on August 3, 2026.