SEBI serves notices to 2 for IPO allotment manipulation
Mumbai, Two persons accused of manipulating allotment of IPO shares meant for retail investors have been directed to disgorge more than Rs 1 crore, and have also been barred from accessing the securities market for a certain period of time.
Both these persons had been restrained from accessing the markets by an ad interim ex-parte order of SEBI in April 2006. SEBI had issued show cause notices to them.
SEBI’s order on Monday directed Mr Dhaval Mehta described as a key operator who engineered multiple IPO applications and retail category shares in the IPO of Suzlon Energy Ltd and IDFC Ltd has been asked to disgorge Rs 72 lakh; he has also been barred from transacting in the securities market for another five years.
Ms Himani Patel a key operator and financier in the IPO of Suzlon Energy, has been asked to disgorge Rs 33.5 lakh and barred from accessing the securities market for an additional period of four years.