Mumbai: Capital market regulator SEBI Wednesday disposed of cases against two individuals that alleged them of indulging in fraudulent trade practices in UTI Sunder ETF.
In two similar-worded orders, the Securities and Exchange Board of India (SEBI) has disposed of the adjudication proceedings against -- Keyur Jagdishbhai Kakrecha and Mohammad Sadik Abdulkader Malek -- saying allegation against them "is not established".
SEBI had alleged both the individuals of artificially inflating the price of the UTI Sunder ETF (Exchange Traded Fund) and also giving a false and misleading appearance of trading in the fund during the period August 1 to November 4, 2011.
However, in its orders today the regulator observed that Kakrecha and Malek "had executed only one self trade in the UTI Sunder ETF (and that too for only one unit (minimum trading lot)".
It further observed that self trade value of Kakrecha and Malek was Rs 2,650 and Rs 1,140, respectively, which "will not amount to artificially inflating the price of UTI Sunder ETF and will also not give a false and misleading appearance of trading in UTI Sunder ETF as alleged in the Show Cause Notice".
SEBI had observed that UTI Sunder ETF opened at the BSE at Rs 660 on August 3, 2011 and closed at Rs 2,054 on November 4, 2011.