sebi:CO/ISD/1147/205/2009
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Facts / Headnote
Disposed of via consent without admission or denial on payment of disgorgement and settlement charges
Provisions invoked
- s. 11B
Holding
The pending proceedings under section 11B of the SEBI Act, 1992 as well as the adjudication proceedings in the matter of irregularities relating to initial public offerings are disposed of by consent upon payment of Rs. 2,72,814.
Full text
Page 2 of 3 replied to show cause notice vide letter dated November 29, 2006. An opportunity of personal hearing was granted to the applicant on March 5, 2007.
Page 3 of 3 6. 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:
3. While the above proceedings were in progress, the applicant, vide letter dated December 8, 2008, proposed settlement of the said proceedings through a consent 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 in to account the period of prohibition already undergone by the applicant, recommended the case for settlement. Accordingly, the applicant shall disgorge the unlawful gain of Rs. 2,27,345/- (Rupees two lakh twenty seven thousand three hundred and forty five only) made by him and pay a sum of Rs.45,469/-(Rupees forty five thousand four hundred and sixty nine only) towards settlement charges. SEBI accepted the recommendations of the Committee and communicated the same to the applicant vide letter dated March 20, 2009.
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Source: SecMarx — sebi:CO/ISD/1147/205/2009. 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.