India’s market regulator has unearthed a plot to allegedly generate millions of dollars in illegal gains through the legitimate trades of a large overseas investor.
The “Big Client”, which is how the Securities and Exchange Board of India identified the victim of the scheme in its interim order last week, is none other than Capital Group. The Los Angeles-based fund manager with $US2.6 trillion ($4.2 trillion) worth of equity stakes in companies worldwide confirmed on Tuesday that it has indeed been taken for a ride.
