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Forex market manipulators under scanner

As rupee continues to trade near 60 against the US dollar, certain brokers and traders have come under regulatory scanner for possible manipulation in the forex spot and derivative markets.

business Updated: Jul 14, 2013 21:45 IST

As rupee continues to trade near 60 against the US dollar, certain brokers and traders have come under regulatory scanner for possible manipulation in the forex spot and derivative markets.

Market regulator, the Securities and Exchange Board of India (SEBI) is looking into possible manipulations in currency derivatives, which are forward value contracts for pairs of two currencies including rupee and dollar, sources said.

The regulator also suspects brokers and traders of indulging in unathorised trading of foreign exchange in the spot forex market, sources said, while adding that these issues are being flagged to the Reserve Bank of India (RBI).

While it is the RBI that mainly regulates the forex market, currency derivatives come under SEBI’s jurisdictions and they are traded on the stock exchanges.