<h1>Former regulatory chairperson defends handling of hedge fund market manipulation case worth 4,800 crore rupees</h1> Former regulatory chairperson defended the capital markets regulator's handling of a market manipulation case involving a New York-based hedge fund. The official stated that examination of the matter began in April 2024 during their tenure, which ended in March. The regulator took multiple steps including identifying index manipulation, issuing circulars, and sending cease-and-desist letters. The hedge fund was found guilty of manipulating indices through simultaneous trading in cash, futures, and options markets, earning over 4,800 crore rupees. The regulator suspended the firm's market access and impounded the gains. The former chairperson denied regulatory failure claims.