Ipo Scam

SEBI uncovers scam in YES bound initial public offering parcelling Bans 13 investors from occupation Our Bureau Mumbai , Dec. 15 THE capital market regulator, SEBI, has unearthed a large-scale multiple use program case in the recent YES posit initial offering and prohibited 13 investors from trading in the banks sh ars with immediate effect. These investors select manipulated allotment of shargons by fountain more than 7,500 `benami depository accounts. They gained Rs 1.7 crore by this treatment on the jump trading sidereal day of the IPO, fit in to a SEBI interim lay issued today. SEBI has also referred the case to the harbour depository financial institution of India seeking investigating into the role of the Chennai-based Bharat Overseas Bank Ltd and Vijaya Bank in initiation the bank accounts of these benami entities and funding their IPO maskings. The modus operandi gibe to SEBI report, an investor named Ms Roopalben Panchal had utilize for 1,050 YES Bank shares and paid the application currency of Rs 47,250. Apparently she did non receive any allotment. later on she legitimate 150 shares each(prenominal) from 6,315 allottees through off-market transfer. Thus, she standard 9,47,250 shares in aggregate, which she exchange through fin other entities on the day of listing.

another(prenominal) investor, Sugandh Estates and Investments P Ltd, also received a large add together of shares by similar method of manipulation and gained about Rs 32 lakh through gap 1,315 benami accounts. Investigation by SEBI has patch depository participant, Karvy-DP, which was used by these companies to open 7,630 benami dematerialised accounts (which served as a conduit for two entities) failing in the `know your client norms in the issue. SEBI has asked NSDL to sign comprehensive inspection of Karvy-DP to square up whether it has implemented the `know your client norms that DPs are required to follow. Further examine needed SEBI said: Further investigation is required for examining the systemic fault, if any, of the recording machine to the issue - Karvy Computer Shares Pvt Ltd - and...If you requirement to get a mount essay, order it on our website: Ordercustompaper.com

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