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SEBI probes 155 stock manipulation cases in FY'13

Last Updated: Thursday, September 12, 2013 - 18:42

New Delhi: Market regulator SEBI initiated investigations into 155 cases related to stock market manipulations last fiscal, logging the highest number of probes started in a single year after 2005-06.

However, it completed investigation in only 119 cases, according to SEBI's annual report for 2012-13.

About 78 percent of these cases related to market manipulation and price rigging, and 12 percent pertained to insider trading.

Other cases involved irregularities in capital issues, takeover violations and other violations of securities laws.

"Since, several investigation cases involve multiple allegations of violations, water-tight classification under specific category becomes difficult," SEBI said.

Overall, SEBI probed highest number of cases last fiscal since 2005-06, when it had taken up 159 cases. The regulator had completed probe in 81 cases during that period.

In 2011-12, SEBI had investigated 154 cases; the number was 104 in 2010-11.

After completion of investigation, SEBI initiated further penal action as per the recommendations made in the probe reports and as approved by the competent authority.

The action included issuing warning letters, initiating enquiry proceedings for registered intermediaries, also initiating adjudication proceedings for levy of monetary penalties.

Since 1992-93, the number of cases undertaken by SEBI for investigation has reached to 1,772, while the number of cases resolved stood at 1,539 as of last fiscal.


First Published: Thursday, September 12, 2013 - 18:42
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