SEBI Prohibits Transactions via ‘Mule Accounts’ for Indulging in Manipulative, Fraudulent and Unfair Trade Practices
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- Last Updated on 2 July, 2024
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Notification No. SEBI/LAD-NRO/GN/2024/187, Dated: 27.06.2024
SEBI has notified amendment to SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003. SEBI clarified that transactions via ‘mule accounts’ for indulging in manipulative, fraudulent, and unfair trade practices must be prohibited. Also, the term ‘mule account’ has been defined under Reg. 2(da). It refers to a trading, dematerialised, or bank account linked with a trading account where the account is effectively controlled by another person.
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