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Circular trade

This query is : Resolved 
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(Querist)
08 February 2011 Dear Friends,

I want to know about circular trade in Shares/MCX/ NCDEX and Why it is treated as fraud?

What are the steps which we can take as an Auditor?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 February 2011 A trade which is taking place in a closed group or cartel is known as circular trade.

This is done by interested traders to create false impression about the prices and trading quantity.

As an auditor as such we can not reject the transactions, and can not do much except warning the client, if desired in writing, that in such transaction SEBI can take stringent penal actions against the cartel.


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Dipen

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Dipen (Querist)
16 February 2011 Thanks Sir
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