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#1
29th September 2006, 10:40 AM
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HC backs Sebi order in IPO scam
HC backs Sebi order in IPO scam
HC backs Sebi order in IPO scam Our Bureau MUMBAI: The market regulator Sebi got a much-needed boost on Thursday with the Gujarat High Court supporting the order it had issued against some investors who were indicted in the initial public offering scam earlier this year. The court dismissed a writ petition filed by eight investors who had been named by Sebi in its order for having financed some individuals who had managed to corner shares in the retail category in IPOs. “Sebi is an expert on the subject, it is for the expert to decide as to out of the available courses which course to be adopted,” the order said. It further said that the court will not like to interfere in the discretion exercised by an expert on the subject. The investigation carried out by the regulator to nail those who had manipulated the IPO allotment process in a string of companies also came in for some praise. The indepth study was reflected in Sebi’s order, which ran into 250 pages. Among those who had appealed against Sebi’s order before the high court were S Bhavnagri, Gautam N Jhaveri, Rajan V Dapki, Hasmukh N Vora, Deep Stockbroking, Ashmi Financial Consultancy, Umang R Shah and Kamal Jhaveri. In an order issued by the regulator in April this year, all of them were debarred from trading in the capital markets. Their depository accounts were also frozen. These investors had then appealed against the order saying that they were ordinary investors. The IPO scam came to light in December last year when Sebi found that some individuals were cornering a large portion of shares meant for retail investors by opening multiple depository accounts. In April, Sebi passed orders against market participants alleged to have been part of the scam through their acts of omission or commission. These included private and public sector banks, stock broking firms, depository participants and stock financiers. More... Please share your views and post your comments on HC backs Sebi order in IPO scam below! 
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