sebi:EAD-2/DSR/RG/119/2014
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Facts / Headnote
Charges not established; matter disposed of
Provisions invoked
- s. 15
- s. 12A
- s. 15H
Regulations
- Reg. 7
- Reg. 3
- Reg. 3(a)
Parties
- Marwadi Shares & Finance Limited
Holding
The Adjudicating Officer held that the charges against Marwadi Shares & Finance Limited for executing self trades on behalf of its client CIBPL in the scrip of BGIL on the day of listing do not stand established, and the matter was disposed of without penalty.
Full text
Page 2 of 14 including IPO, follow-on issue from the securities market, in any manner. BGIL was also directed to bring back the amounts invested in Inter-Corporate Deposits (ICDs) and all amounts transferred / paid out of IPO proceeds to its directors or relatives of its directors or HUFs belonging to any of its directors or associate or subsidiaries or group companies and deposit the same in an escrow account together with all other IPO proceeds that were still lying unutilized with the company across all its bank / deposit accounts or in any investments including mutual funds. These directions were confirmed by SEBI vide orders dated September 21, 2012 and October 05, 2012.
Page 3 of 14 shares were allotted to 72 Non-Institutional Investors (NII). 69 NII have sold 15,81,912 shares, bought 1,87,579 shares and net sellers of 13,94,333 shares. Only three NIIs have not sold the shares on first day. 52,32,525 shares have been allotted to 4824 retail applicants accounting to 77.86% of issue size within a range of 75 to 1495 shares per client. 1763 retail applicants applied through ASBA. 468 retail applicants, who were allotted 33,02,115 shares, have not sold on the listing day. 17 clients have bought and sold for more than 5 lakh shares who have not received the shares through IPO.
Page 4 of 14 read with Clause A of the Code of Conduct as specified under schedule II of the said Regulations against the Noticee.
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Source: SecMarx — sebi:EAD-2/DSR/RG/119/2014. 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.