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The Securities and Exchange Board of India (Sebi) cleared two individuals of manipulating the price of UTI Sunder ETF.
It stated that charges against Keyur Jagdishbhai Kakrecha and Mohammad Sadik Abdulkader Malek have not been established.
The price of the ETF had risen from Rs 660 on August 3, 2011 to Rs 2,054 on November 4, 2011.
The combined value of the trades executed by the two was less than Rs 4,000.
