Sebi disposes of case against IDFC Asset Management Company, BNP Paribas Asset Management

Markets regulator Sebi on Thursday disposed of a matter against IDFC Asset Management Company and BNP Paribas Asset Management which alleged that the firms indulged in insider trading while dealing in Manappuram Finance Ltd's (MFL) scrip.

Sebi, pursuant to an investigation in the matter of selective disclosure of unpublished price sensitive information (UPSI) by Manappuram Finance, observed that BNP Paribas Asset Management (I) and IDFC had sold its shares while allegedly in possession of UPSI during March 1-20, 2013.

Sebi noted that officials of MFL met with Ambit Capital Pvt Ltd's research analysts on March 18, 2013 to seek market guidance about the quarterly results and future outlook. Ambit published a research report based on the meeting which was distributed to its clients (broking as well as research) on March 19, 2013 before the market opening hours.

In the research report, Ambit had changed its rating of MFL's stock from "buy" to "under review."