Tuesday, November 21, 2006

SEBI passes disgorgement order in “IPO Manipulation” case

SEBI passes disgorgement order in “IPO Manipulation” case



In continuation of the interim order dated April 27, 2006 relating to "IPO Manipulation”, Shri G. Anantharaman, Whole Time Member, SEBI has passed an interim order dated November 21, 2006 ordering both the depositories viz. National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL) and eight (8) Depository Participants namely Karvy Stock Broking Ltd., HDFC Bank Ltd., Khandwala Integrated Financial Services Pvt. Ltd., IDBI Bank Ltd., Jhaveri Securities Pvt. Ltd., ING Vysya Bank Ltd., Pravin Ratilal Share & Stock Broking Ltd. and Pratik Stock Vision Pvt. Ltd. to jointly and severally disgorge an amount of Rs.115.81 crores within a period of six (6) months from the date of passing of the order. The order further states that “all parties are at liberty to seek contribution/indemnity from any party which they believe is liable to a greater extent than quantified here as also from individuals and companies which were involved in the IPO cornering/fraud but are not named, not being intermediaries under S. 12 of the SEBI Act 1992.”



The full text of the order is available on the website: www.sebi.gov.in

3 comments:

Anonymous said...

Dear Visitors,

This is our great opportunity to post comment on this knowledgeable and useful blog.

As we all know USA is heading toward Recession. Which is effecting movement of world markets reason being USA is major economy hub.
Now Our Budget is coming up on 29-Feb-2008 which will act as triggering movement for Indian stock market. We are expecting positive
Budget which will help the Bse and Nse to further move up. Still major support is 4200 now and on upside check out 6000 level soon.

Thanks

ShareGyan

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