Adds detail on manipulation from investigation statement
TOKYO, Dec 15 (Reuters) - An investigation panel on Friday recommended administrative action be taken against SBI Securities, saying Japan's largest online securities broker had solicited and accepted buy orders meant to inflate companies' share prices after initial public offerings (IPOs).
Japanese law bars the acceptance of buy or sell orders intended to manipulate a company's share price.
The Securities and Exchange Surveillance Committee (SESC) made its recommendation to Japan's regulator, the Financial Services Agency (FSA).
It said that between December 2020 and September 2021, SBI aimed to boost opening prices of three stocks for which it served as lead underwriter by asking investor clients to buy shares in them at the offering price, knowing the orders would not reflect market conditions.
SBI Securities in a statement said it took the recommendation very seriously and would work to make improvements and prevent a recurrence.
Japanese media first reported the result of the panel's investigation on Wednesday, while SBI said at the time it did not recognise the reports.
(Reporting by Anton Bridge; editing by Clarence Fernandez and Jason Neely)
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