Indiabulls Financial denies involvement in F&O price fixing.

Indiabulls Financial Services Ltd has announced about the following:

"With respect to SEBI order dated June 18, 2007 on dealing in futures and options contracts on NSE, some reports in press media suggest that Indiabulls Securities Ltd has been involved in fake trading / fixing of F&O prices. We wish to clarify that Indiabulls Securities Ltd or any of its group Companies have not been involved in any fake trading or price fixing in F&O segment and have not traded directly or indirectly on its own account in the 23 trades on the F&O segment as mentioned in the SEBI order.

Out of the mentioned 23 trades, 17 trades were done by clients through the Internet trading, Indiabulls Securities Ltd is in the process of issuing notices and taking further strict measures against the clients who have executed these questionable 23 trades which have resulted into a close out difference of approx Rs 35 lacs."

The stock was trading at Rs.555.90, up by Rs.9.70 or 1.78%. The stock hit an intraday high of Rs.561.30 and low of Rs.530.10. The total traded quantity was 1011527 compared to 2 week average of 780469.

Source : Equity Bulls

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