Sebi bars Rajkot-based stock broker, 4 directors from mkt for order spoofing

CAPITAL markets regulator Sebi on Monday debarred Rajkot-based stock broker Patel Wealth Advisors (PWA) and its four directors from dealing in the securities market for alleged order spoofing and directed to impound ₹3.22 crore of illegal gains made by them.

- BEN KOCHUVEEDAN @ Mumbai

In market parlance, order spoofing is an illegal and deceptive practice wherein one places a trade order with the intent to cancel it before execution and simultaneously executes trades on the opposite side, leading to price manipulation.

The regulator in an order noted that PWA continued to indulge in unfair trade practices despite repeated show-cause notices and initial proceedings by the NSE.