sebi:AO/BS/05/2009
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Facts / Headnote
Allegations not established; proceeding disposed of without penalty
Provisions invoked
- s. 15H
Regulations
- Reg. 199
Holding
The allegations that the noticee violated clause 11.3.5 (v) (a) of the DIP Guidelines and the Code of Conduct for Merchant Bankers in the QIB allotment process were not established, and no penalty was imposed under Section 15HB of the SEBI Act, 1992.
Full text
3. It was observed that after closure of the issue, the price rose from Rs 62.95 on July 14, 2005 to Rs 80.70 on August 05, 2005. In this connection, SEBI conducted an examination of the mechanism adopted for allotment of shares to Qualified Institutional Buyers (QIBs) in the said Public Issue and the overall fairness and transparency of the said mechanism.
2000 and also the provisions of the Code of Conduct for Merchant Bankers enumerated under clauses 1, 2, 3, 4, 9, 11, 26 and 27 under Schedule III of the SEBI (Merchant Bankers) Regulations, 1992.
b) Under the DIP Guidelines, the issuer company is vested with the discretion to determine the basis of QIB allocation in consultation with the BRLMs and as such the exercise of this discretion is consistent with the industry practice and the applicable laws. c) The broad parameters prescribed under sub-clause (v) (a) of clause 11.3.5 of the DIP Guidelines are only indicative in nature and do not provide for any inter se precedence among the same. However, there are a number of parameters which were
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Source: SecMarx — sebi:AO/BS/05/2009. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.