November 21, 2006
PR No. 259/2006

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.” 
 

Mumbai

November 21, 2006

For full copy of disgorgement order against
NSDL,
CDSL,
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.,
Pratik Stock Vision Pvt. Ltd. click here.