MUMBAI, May 31: Capital market regulator Sebi today disposed of a case against an individual that alleged him of indulging in fraudulent trade practices in UTI Sunder ETF.
The Securities and Exchange Board of India (Sebi) has disposed of the adjudication proceedings against Gurchand Singh saying allegation against him “is not established”.
In its show cause notice (SCN), Sebi had alleged individuals for 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 between August 1 and November 4, 2011.
However, in its orders dated May 30, the regulator said it has observed that Singh had executed three self trades in the UTI Sunder ETF for one unit each on three days.
It further said Singh’s single self trade average value for each unit was around Rs 1,096 and his total self trade value in UTI Sunder ETF was Rs 3,290.
This does not “amount amount to artificially inflating the price of UTI Sunder ETF” and does also not give a false and misleading appearance of trading in UTI Sunder ETF as alleged in the Show Cause notice, Sebi said.
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. (PTI)
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