India Infoline let off in share manipulation case

Mumbai: Market regulator Securities and Exchange Board of India (Sebi) on Monday freed brokerage firm India Infoline Ltd from charges of facilitating fictitious trading in the shares of GHCL Ltd, but reprimanded it for “lack of promptness" in cooperating in the probe. In connection with a probe into a sharp rise in price and trading volume of GHCL shares between 6 November 2006 and 31 March 2007, Sebi conducted a probe into the role of brokers and their clients who traded in the stock.