December 08, 2008
PR No. 294/2008
SEBI passes Consent Order in matter of IPO Irregularities � Shri Saumil A. Bhavnagari
A Panel consisting of Whole Time Members, SEBI, Dr.T.C.Nair and Shri M.S. Sahoo, has passed a consent order on December 02, 2008 in the matter of "irregularities in the IPOs" on an application submitted by Shri Saumil A. Bhavnagari , a financier.
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 Saumil A. Bhavnagari was alleged to be a financier for cornering of shares in IPO�s of Suzlon Energy Ltd., FCS Software Ltd., Sasken Communication during the period 2004-2005. Since SEBI�s ex-parte order, Shri Saumil A. Bhavnagari has undergone prohibition from buying, selling and dealing in securities.
Shri Saumil A. Bhavnagari remitted a total sum of Rs.3,15,000/- (Rupees Three Lakh Fifteen Thousand only), towards the terms of consent in the matter. The consent amount includes Rs.1,52,000/- (Rupees One Lakh Fifty Two Thousand only) towards disgorgement of the amount of alleged ill-gotten gains, Rs.13,000/- (Rupees Thirteen Thousand only) towards settlement charges, Rs.90,000/- (Ninety Thousand only) towards Compounding Charges, Rs.60,000/- (Sixty Thousand only) towards Legal Expenses.
Mumbai
December 08, 2008
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