sebi:CO/ISD/1046/223/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Consent order disposing of pending proceedings under section 11B of the SEBI Act, 1992 and adjudication proceedings against the applicant in the matter of irregularities relating to initial public offerings; applicant directed to disgorge unlawful gain and pay settlement charges.
Provisions invoked
- s. 11B
Holding
The applicant's consent settlement proposal was accepted, disposing of the pending proceedings under section 11B of the SEBI Act, 1992 and the related adjudication proceedings, on the applicant remitting Rs.5,26,975/- as disgorgement and Rs.1,05,395/- as settlement charges.
Full text
Page 2 of 3 3. While the above proceedings were in progress, the applicant, vide letter dated November 5, 2008, proposed settlement of the said proceedings through a consent
Page 3 of 3 7. This order is without prejudice to the right of SEBI to initiate enforcement actions, including commencing or reopening of the proceedings pending against the applicant, if:
order in terms of SEBI circular No. EFD/ED/Cir-1/2007 dated April 20, 2007. The High Powered Advisory Committee, constituted by SEBI, considered the consent terms proposed by the applicant and, after taking into account the facts and circumstances of the case and the material brought before it, recommended the case for settlement. Accordingly, the applicant shall disgorge the unlawful gain of Rs.5,26,975/- (Rupees five lakh twenty six thousand nine hundred and seventy five only) made by him and pay a sum of Rs.1,05,395/- (Rupees one lakh five thousand three hundred and ninety five only) towards settlement charges. SEBI accepted the recommendations of the Committee and communicated the same to the applicant vide letter dated March 20, 2009.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:CO/ISD/1046/223/2009. 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.