{"id":18382,"date":"2026-08-20T04:33:15","date_gmt":"2026-08-20T11:03:15","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=18382"},"modified":"2026-08-20T04:33:16","modified_gmt":"2026-08-20T11:03:16","slug":"sebi-cas-manipulation","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/sebi-cas-manipulation\/","title":{"rendered":"SEBI Bars 2 Firms Over \u20b92.96 Crore SENSEX Manipulation on August 13"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/sebi-cas-manipulation\/#What_Did_SEBI_Allege_Against_Copthall_Mauritius_and_Mansi\" >What Did SEBI Allege Against Copthall Mauritius and Mansi?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/sebi-cas-manipulation\/#What_Is_the_Closing_Auction_Session_and_Why_Does_It_Matter_on_Expiry_Day\" >What Is the Closing Auction Session and Why Does It Matter on Expiry Day?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/sebi-cas-manipulation\/#What_Happened_to_SENSEX_During_the_August_13_Auction\" >What Happened to SENSEX During the August 13 Auction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/sebi-cas-manipulation\/#How_SEBI_Connected_Buy_Orders_to_Three_SENSEX_Spikes\" >How SEBI Connected Buy Orders to Three SENSEX Spikes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/sebi-cas-manipulation\/#How_SEBI_Described_Mansis_Sell_Orders\" >How SEBI Described Mansi&#8217;s Sell Orders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/sebi-cas-manipulation\/#What_Are_the_Interim_Restrictions_SEBI_Has_Placed_on_Both_Entities\" >What Are the Interim Restrictions SEBI Has Placed on Both Entities?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/sebi-cas-manipulation\/#Final_Outlook\" >Final Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/li><li><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/li><li><span aria-current=\"page\">SEBI Bars 2 Firms Over \u20b92.96 Crore SENSEX Manipulation on August 13<\/span><\/li><\/ol><\/nav>\n\n\n<meta charset=\"UTF-8\">\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n\n<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\">\n<link rel=\"preconnect\" href=\"https:\/\/fonts.gstatic.com\" crossorigin=\"\">\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Figtree:wght@300;400;500;600;700;800&amp;display=swap\" rel=\"stylesheet\">\n<style>\n  :root{\n    --copper:#EFA145;\n    --copper-deep:#D17800;\n    --steel:#424242;\n    --forest:#082F25;\n    --forest-2:#0C3D30;\n    --fresh:#6CE890;\n    --green:#45D965;\n    --mint:#EEFFF2;\n    --mint-2:#F6FFF9;\n    --line:#DDEBE3;\n    --line-soft:#E8F3EC;\n    --red:#C11414;\n    --ink:#2B342F;\n    --grey:#5F6B65;\n    --maxw:820px;\n  }\n  *{box-sizing:border-box;}\n  body{\n    margin:0;font-family:\"Figtree\",system-ui,-apple-system,sans-serif;\n    background:var(--mint);color:var(--ink);line-height:1.65;font-size:17.5px;\n    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   margin:26px 0;padding:20px 26px;position:relative;\n    border-left:4px solid var(--copper);background:var(--mint-2);border-radius:0 12px 12px 0;\n    font-size:19px;line-height:1.5;font-weight:500;color:var(--forest);\n  }\n  .quote p{margin:0;}\n  .quote cite{\n    display:block;margin-top:12px;font-size:13px;font-weight:700;font-style:normal;\n    letter-spacing:.4px;color:var(--copper-deep);\n  }\n\n  .outlook{background:var(--mint);border:1px solid var(--line);border-radius:14px;padding:22px 24px;margin-top:14px;}\n  .outlook p{margin:0;color:#2B3B34;}\n\n  .balance{\n    margin:20px 0;padding:20px 24px;background:var(--forest);color:#fff;border-radius:14px;\n    text-align:center;font-weight:800;font-size:clamp(17px,2.5vw,22px);letter-spacing:.2px;line-height:1.35;\n  }\n  .balance span{color:var(--fresh);margin:0 6px;font-weight:800;}\n  .balance small{display:block;margin-top:8px;font-size:12.5px;font-weight:600;color:#C8DFD3;letter-spacing:.3px;}\n\n  .restrictions{background:var(--mint-2);border:1px solid var(--line);border-radius:14px;padding:8px 24px;margin:18px 0;}\n\n  .source{margin:30px 0 0;padding-top:18px;border-top:1px solid var(--line);font-size:14px;color:var(--grey);word-break:break-word;}\n  .source a{color:var(--copper-deep);}\n\n  .disclaimer{margin:18px 0 0;padding:18px 22px;background:var(--mint-2);border:1px solid var(--line);border-radius:14px;font-size:14px;line-height:1.6;color:var(--grey);}\n  .disclaimer strong{color:var(--steel);}\n\n  footer{max-width:100%;margin:26px auto 54px;padding:24px;display:flex;align-items:center;justify-content:space-between;gap:16px;flex-wrap:wrap;}\n  footer .brand b{font-size:18px;}\n  footer .fn{font-size:13px;color:var(--grey);text-align:right;}\n\n  @media (max-width:640px){\n    body{font-size:16.5px;}\n    .masthead{padding:32px 24px 28px;}\n    .body{padding:28px 24px 34px;}\n    h2{margin-top:36px;}\n    footer .fn{text-align:left;}\n  }\n\n  .entry-title,\n  .post-title,\n  .single-post h1,\n  h1.entry-title{color:#000!important;}\n<\/style>\n\n\n\n  <svg width=\"0\" height=\"0\" style=\"position:absolute\" aria-hidden=\"true\">\n    <symbol id=\"inf\" viewBox=\"0 0 100 100\">\n      <path d=\"M25,50 C25,34 41,34 50,50 C59,66 75,66 75,50 C75,34 59,34 50,50 C41,66 25,66 25,50 Z\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"13\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n    <\/symbol>\n  <\/svg>\n\n \n\n    <div class=\"body\">\n      <p>SEBI issued its first interim order on alleged manipulation in the Closing Auction Session, linked to SENSEX weekly derivatives expiry trades on August 13. The regulator named Copthall Mauritius Investment Ltd and Mansi Share and Stock Broking Pvt Ltd, alleging the use of aggressive cash-market orders to influence the index&#8217;s final closing level and benefit their options positions.<\/p>\n\n      <h2><span class=\"ez-toc-section\" id=\"What_Did_SEBI_Allege_Against_Copthall_Mauritius_and_Mansi\"><\/span>What Did SEBI Allege Against Copthall Mauritius and Mansi?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>SEBI&#8217;s order said there was no prima facie evidence that the two entities acted together. The regulator has treated the alleged conduct as separate actions rather than a coordinated scheme.<\/p>\n\n      <div class=\"tbl-scroll\">\n        <table>\n          <thead>\n            <tr>\n              <th>Entity<\/th>\n              <th>Cash-Market Action Alleged<\/th>\n              <th>Derivatives Position Flagged<\/th>\n              <th>Alleged Wrongful Gain<\/th>\n            <\/tr>\n          <\/thead>\n          <tbody>\n            <tr>\n              <td>Copthall Mauritius Investment Ltd<\/td>\n              <td>Aggressive buy orders across SENSEX constituents at a maximum of 3% above the reference price<\/td>\n              <td>Synthetic long positions through calls and puts at 77,500, 78,000 and 78,500 strikes<\/td>\n              <td><span class=\"num\">\u20b92.96 crore<\/span><\/td>\n            <\/tr>\n            <tr>\n              <td>Mansi Share and Stock Broking Pvt Ltd<\/td>\n              <td>Sell orders across eight SENSEX constituents below reference price<\/td>\n              <td>Net buy Put positions at 77,800, 77,900 and 78,000 strikes<\/td>\n              <td><span class=\"num\">\u20b971.65 lakh<\/span><\/td>\n            <\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n\n      <h2><span class=\"ez-toc-section\" id=\"What_Is_the_Closing_Auction_Session_and_Why_Does_It_Matter_on_Expiry_Day\"><\/span>What Is the Closing Auction Session and Why Does It Matter on Expiry Day?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>The Closing Auction Session was introduced from August 3 to determine closing prices after normal cash-market trading ends at 3:15 pm. The framework works in two stages:<\/p>\n      <ul class=\"doc\">\n        <li>A reference price is established between 3:15 pm and 3:20 pm<\/li>\n        <li>An auction runs from 3:20 pm to 3:30 pm to determine the final closing level<\/li>\n      <\/ul>\n      <p>On expiry days, movements in index constituents during this window directly affect the final index level and option payoffs. A small change in the closing value can shift the payoff profile of options positions around nearby strike prices, making the auction window particularly sensitive.<\/p>\n\n      <h2><span class=\"ez-toc-section\" id=\"What_Happened_to_SENSEX_During_the_August_13_Auction\"><\/span>What Happened to SENSEX During the August 13 Auction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>The SENSEX moved from a CAS reference price of 77,829.60 to close at 78,080 on August 13. SEBI identified three sharp upward moves and one broader downward move during the auction window.<\/p>\n\n      \n\n      <div class=\"tbl-scroll\">\n        <table>\n          <thead>\n            <tr>\n              <th>CAS Movement Flagged<\/th>\n              <th>SENSEX Move<\/th>\n              <th>Time Taken<\/th>\n              <th>Entity Linked<\/th>\n            <\/tr>\n          <\/thead>\n          <tbody>\n            <tr>\n              <td>First upward spike<\/td>\n              <td><span class=\"num\">362.02 points<\/span><\/td>\n              <td>About 2 seconds<\/td>\n              <td>Copthall Mauritius<\/td>\n            <\/tr>\n            <tr>\n              <td>Second upward spike<\/td>\n              <td><span class=\"num\">132.67 points<\/span><\/td>\n              <td>12 seconds<\/td>\n              <td>Copthall Mauritius<\/td>\n            <\/tr>\n            <tr>\n              <td>Third upward spike<\/td>\n              <td><span class=\"num\">405.08 points<\/span><\/td>\n              <td>28 seconds<\/td>\n              <td>Copthall Mauritius<\/td>\n            <\/tr>\n            <tr>\n              <td>Downward pressure<\/td>\n              <td>Sell orders in 8 constituents<\/td>\n              <td>Within seconds<\/td>\n              <td>Mansi Share and Stock Broking<\/td>\n            <\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n\n      <h2><span class=\"ez-toc-section\" id=\"How_SEBI_Connected_Buy_Orders_to_Three_SENSEX_Spikes\"><\/span>How SEBI Connected Buy Orders to Three SENSEX Spikes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>SEBI said Copthall placed buy orders at 3% above the reference price, the maximum permissible limit, across SENSEX constituents. The regulator&#8217;s findings on Copthall&#8217;s share of total buy-order value:<\/p>\n      <ul class=\"doc\">\n        <li><strong>First spike:<\/strong> 99.91% of total buy-order value, or \u20b966.57 crore<\/li>\n        <li><strong>Second spike:<\/strong> 96.09% of \u20b9126.59 crore in buy orders<\/li>\n        <li><strong>Third spike:<\/strong> \u20b998.12 crore of orders placed<\/li>\n      <\/ul>\n      <p>SEBI noted that Copthall cancelled its latest buy orders at 3:26:21 pm, which the regulator said indicated the orders were not placed with a genuine intention to acquire shares.<\/p>\n\n      <h2><span class=\"ez-toc-section\" id=\"How_SEBI_Described_Mansis_Sell_Orders\"><\/span>How SEBI Described Mansi&#8217;s Sell Orders<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>SEBI alleged Mansi pushed the index lower by placing large sell orders below the reference price. The firm placed orders for 12.65 lakh shares across eight SENSEX constituents, valued at \u20b9143.43 crore.<\/p>\n\n     \n\n      <p>The regulator said 99.06% of these sell orders were cancelled within seconds after the downward pressure had been created. SEBI linked these trades to Mansi&#8217;s net buy Put positions at the 77,800, 77,900 and 78,000 strikes.<\/p>\n\n      <h2><span class=\"ez-toc-section\" id=\"What_Are_the_Interim_Restrictions_SEBI_Has_Placed_on_Both_Entities\"><\/span>What Are the Interim Restrictions SEBI Has Placed on Both Entities?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>SEBI issued interim directions against both entities:<\/p>\n      <div class=\"restrictions\">\n        <ul class=\"doc\">\n          <li>Banks ordered to impound the alleged gains<\/li>\n          <li>Assets and accounts linked to both firms restricted<\/li>\n          <li>Both entities barred from participating in the equity CAS<\/li>\n          <li>Mansi&#8217;s proprietary trading account additionally restrained from accessing the securities market<\/li>\n        <\/ul>\n      <\/div>\n      <p>As interim directions, both entities named as noticees will have an opportunity to respond through the regulatory process.<\/p>\n\n      <h2><span class=\"ez-toc-section\" id=\"Final_Outlook\"><\/span>Final Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <div class=\"outlook\">\n        <p>The August 13 case arrived less than three weeks after the Closing Auction Session went live. The interim order leaves several open questions: how the two entities will respond through the regulatory process, whether the 3% price band on auction orders needs tightening, and how exchanges will monitor expiry-day order behaviour going forward.<\/p>\n      <\/div>\n\n      <p class=\"source\">\n        <strong>Source:<\/strong>\n        NDTV\n      <\/p>\n\n      <div class=\"disclaimer\">\n        <strong>Disclaimer:<\/strong> This content is for education and awareness purpose only and should not be considered investment advice or a recommendation. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.\n      <\/div>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>SEBI issued its first interim order on alleged manipulation in the Closing Auction Session, linked to SENSEX weekly derivatives expiry trades on August 13. The regulator named Copthall Mauritius Investment Ltd and Mansi Share and Stock Broking Pvt Ltd, alleging the use of aggressive cash-market orders to influence the index&#8217;s final closing level and benefit &hellip; <a href=\"https:\/\/shoonya.com\/blog\/sebi-cas-manipulation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SEBI Bars 2 Firms Over \u20b92.96 Crore SENSEX Manipulation on August 13&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":18384,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[10440],"class_list":["post-18382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-sebi-cas-manipulation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - 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