India Market Regulator Suspects Credit Suisse Unit of Manipulation
Daniel Pearl, 20 April 2001
India’s stock market regulation authority ordered three brokerage groups, including Credit Suisse Group ‘s Credit Suisse First Boston unit, to freeze brokerage activities until further notice, saying they were involved in recent manipulation of share prices.
The actions, by the Securities and Exchange Board of India, marked the toughest discipline yet meted out to a foreign brokerage firm in India. Besides CSFB, the regulator handed similar notices to Indian companies, five of them associated with Nirmal Bang Group and three associated with First Global Securities.
The Securities and Exchange Board, known as SEBI, gave the companies the opportunity to contest the freeze order, but not before the end of this month, people familiar with the matter said. SEBI officials said they were acting to protect investor interests but declined to make public letters SEBI sent to the companies and to Indian stock exchanges. Continue reading “Article: India Market Regulator Suspects Credit Suisse Unit of Manipulation”