October 15, 2008
PR No. 220/2008
SEBI passes Consent Order against Shri Kelan Atulbhai Doshi in matter of irregularities relating to IPOs
A panel consisting of Whole Time members, Dr. T.C. Nair and Shri M.S Sahoo have passed a consent order on October 04, 2008 in the matter of “irregularities relating to IPOs“ on an application submitted by Shri Kelan Atulbhai Doshi, a key operator.
SEBI had passed an ad interim ex-parte order on April 27, 2006 in the matter of “irregularities in IPOs”. It was found that Shri Kelan Atulbhai Doshi was alleged to be a financier for cornering of shares in IPO’s of Tata Consultancy Ltd., NTPC Ltd., Nectar Lifesciences Ltd., IDFC Ltd. during the period 2004-2005. Since SEBI’s ex-parte order, Shri Kelan Atulbhai Doshi has undergone prohibition from buying, selling and dealing in securities.
Shri Kelan Atulbhai Doshi remitted a total sum of Rs.2,60,00,000 /- (Rupees two crore sixty lakh only), towards the terms of consent in the matter. The consent amount includes Rs. 2,55,00,000/- (Rupees two crore fifty five lakh only) towards disgorgement of the amount of alleged ill-gotten gains and Rs.5,00,000/- (Rupees five lakh only) towards settlement charges.
Mumbai
October 15, 2008
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