Cracking the whip on rigging

The Securities and Exchange Board of India (SEBI) deserves a pat on its back for speedy action relating to the recent crash in stock prices of four mid-cap companies. The prices of these stocks fell by over a fifth on a single day on July 26. Through an analysis of trades conducted in the session, SEBI established that 19 entities, including individual investors and companies, acted, prima facie, in unison to hammer down these shares. The market regulator also showed these entities to be related, by way of sharing either common addresses and telephone numbers, or directors. 

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