Apr 28, 11:15 PM

SEBI Bars Patel Wealth Advisors for Order Spoofing Involving 173 Stocks, Seizes Rs 3.22 Crore Amid $710 Million Cyberattack Trading

India's Securities and Exchange Board (SEBI) has taken action against Patel Wealth Advisors and its four directors for engaging in illegal 'order spoofing' practices involving 173 stocks. SEBI has barred the brokerage firm and its directors from dealing in the securities market and ordered the seizure of Rs 3.22 crore from them. The spoofing case is India's first of its kind, involving fake buy and sell orders to manipulate stock prices. Separately, cyberattacks targeting brokerage firms in Japan have resulted in hackers illicitly trading approximately $710 million since February 2025. These attacks involved unauthorized access to brokerage accounts and a pump-and-dump scheme that inflated penny stock prices. SEBI has also warned investors against dealing with unregulated 'opinion trading platforms' posing as investment services.

#Securities and Exchange Board #SEBI #Patel Wealth Advisors #India #Japan

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