https://www.taxtmi.com/caselaws?id=281152 In screen-based trading, a buy order placed above the last traded price does not by itself prove price manipulation or a fraudulent trade practice violation. The SAT held that higher buy orders and contribution to volume in an illiquid scrip may reflect legitimate commercial conduct and price discovery through demand and supply. Artificial price formation requires proof of collusion between buyer and seller, or comparable manipulative conduct. As the record showed no allegation or proof of collusion with the counterparty seller or broker, and the scrip price was otherwise moving upward on days when the trader did not transact, the manipulation charge was not sustained. en-us Thu, 25 Feb 2010 00:00:00 +0530 Wed, 05 Jun 2019 13:23:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281152 In screen-based trading, a buy order placed above the last traded price does not by itself prove price manipulation or a fraudulent trade practice violation. The SAT held that higher buy orders and contribution to volume in an illiquid scrip may reflect legitimate commercial conduct and price discovery through demand and supply. Artificial price formation requires proof of collusion between buyer and seller, or comparable manipulative conduct. As the record showed no allegation or proof of collusion with the counterparty seller or broker, and the scrip price was otherwise moving upward on days when the trader did not transact, the manipulation charge was not sustained. Case-Laws SEBI Thu, 25 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281152