Large futures positions alone cannot establish Share Price manipulation/Fraud: SC

Reliance Industries Limited & Ors. Vs Securities And Exchange Board of India (Supreme Court of India) The Supreme Court examined whether agreements entered into between the appellant and twelve entities, the accumulation of 9.92 crore open positions in the November 2007 futures segment of RPL stock, and the sale of 1.95 crore shares in the cash segment on 29 November 2007 constituted fraud and market manipulation under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (PFUTP Regulations). The Court first considered the regulator...