Brokerage firm, Indiabulls Financial Services, denied media reports hinting their participation in any fake trading or price fixing in the futures & options (F&O) segment.

According to a company release that Indiabulls Securities or any of its group companies have not been concerned in any counterfeit trading or price fixing in F&O division and have not traded directly or indirectly on its own account in the 23 trades on the F&O segment as mentioned in the SEBI order.

Indiabulls Securities is in the process of bringing out notices and taking further harsh measures against the clients who have carried out these doubtful 23 trades that have resulted into a rule out difference of about Rs 35 lakh.

It may be recalled that, the market regulator Sebi on Tuesday, 19 June 2007, directed 15 brokers and some market participants not to indulge in distortion of the derivatives market. A Sebi investigation of derivatives transactions on NSE for the period from January-March 2007 found that these entities were involved in manipulation in the futures & options segment.