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Sebi to review DHFL, Yes Bank for possible trading irregularities

Securities and Exchange Board of India (Sebi) has taken to examining the link between the sharp movement in the stocks of Yes Bank and DHFL and rumors regarding credit default in several NBFCs.

The market regulator met the stock exchanges on Monday evening to ensure that there is adequate liquidity in the system, according to media reports. Over the weekend, Sebi and Reserve Bank of India (RBI) issued a joint-statement to calm nerves over a feared liquidity crisis and assuring any action if and when necessary.

Last Friday saw a massive sell-off in DHFL and other NBFCs, in general. DHFL plunged as much as 60% during intraday trade. Further, Yes Bank witnessed heavy selling, resulting in a decline of ~29%.

Sebi is examining whether brokers and investors colluded during Friday’s sell-off and recovery in shares of financial companies. Sebi is looking into data from Sensex and Nifty 50 as to which parties were buying and selling these shares and if there was any sequencing of trades, as per sources. The regulator may start a full-blown investigation should it find any evidence of inappropriate trade practices, people with knowledge on the matter added.

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