JPMorgan Chase & Co. unit Copthall Mauritius Investment Ltd. is set to argue that any regulatory breach by [ADDRESS]’s market regulator was technical rather than manipulative, according to people familiar with the matter. The subsidiary plans to seek clarifications but is unlikely to appeal the regulatory order for now, the sources said, requesting anonymity as the information is not yet public. The Securities and Exchange Board of India issued the order amid concerns over non-compliance by the investment firm operating in the region.

JPMorgan representatives have not publicly commented on the allegations, and the company declined to provide additional details at this time. The proposed defense centers on distinguishing between procedural shortcomings and intentional market manipulation, a strategy that could influence how similar cases are addressed in the future.