December 06, 2005
PR No. 157/2005

Order against Shri Tulsi D.Bhayana

Securities and Exchange Board of India (SEBI) vide its order dated October 29, 2002 had prohibited Shri Tulsi D. Bhayana from buying, selling or dealing in securities, till further orders. Subsequently, the above interim orders were confirmed vide orders dated September 08, 2003. In the meantime, Bhubaneshwar Stock Exchange having expelled Shri Bhayana from the membership of the exchange, Summary Proceedings were initiated by SEBI against Shri Bhayana. However, the Hon’ble Orissa High Court vide its order dated April 27, 2004 quashed the expulsion order of the exchange and the exchange has since revoked the expulsion of Shri Bhayana.


In view of the later developments as stated in the order, SEBI has now passed orders dated December 06, 2005 terminating the proceedings and the prohibition imposed upon Shri Tulsi D. Bhayana vide the ad-interim orders dated September 08, 2003 have been vacated.

 
Mumbai

December 09, 2005