The trading firm stated in an email sent to employees over the weekend that it was “beyond disappointed” by what it termed “extremely inflammatory accusations” from Sebi and is working on a formal response. However, the email did not specify the nature of the recourse the firm might take.
On Thursday, Sebi issued an interim order barring the U.S.-based investment firm and its group entities from accessing the securities market in India, while directing them to disgorge ₹4,843.57 crore in alleged unlawful gains.
“The total amount of unlawful gains earned by the JS Group from the alleged violations, i.e., ₹4,843,57,70,168, shall be impounded, jointly and severally. Entities are directed to open an escrow account in a scheduled commercial bank in India to deposit jointly and severally the aforesaid amount of unlawful gains,” Sebi’s 105-page interim order stated.
