sebi:WTM/SR/EFD/DRA-IV/58/03/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Almondz found guilty of contravening ICDR Regulations and Merchant Banker Regulations; Post-Enquiry SCN disposed of without further direction as prohibition already imposed via Final Order dated March 21, 2014.
Provisions invoked
- s. 12(3)
Regulations
- Reg. 13
- Reg. 6
- Reg. 27
- Reg. 28(1)
- Reg. 64
- Reg. 64(1)
- Reg. 8
- Reg. 8(2)(b)
- Reg. 8(2)(e)
- Reg. 8(2)(f)
- Reg. 2(1)(x)
Parties
- Almondz Global Securities Ltd.
Holding
Almondz Global Securities Ltd., as lead merchant banker in PGEL's IPO, was found to have violated Regulation 64(1) and Regulation 8(2)(b), (e)-(f) of the ICDR Regulations and Regulation 13 read with Clauses 1-4, 6-7 and 21 of the Code of Conduct under the Merchant Banker Regulations by failing to exercise reasonable due diligence. No further direction was issued as Almondz was already prohibited from new assignments for five years under the Final Order dated March 21, 2014.
Full text
Page 2 of 23 3. As manipulative practices were prima facie observed in the IPO of PGEL, SEBI vide an ad–interim ex–parte Order dated December 28, 2011 ("Interim Order") inter alia issued
Page 3 of 23 Enquiry Proceedings against Almondz – 6.1 Simultaneously, SEBI initiated proceedings against Almondz, a registered intermediary, in terms of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 ("Intermediaries Regulations") and appointed a Designated Authority ("DA") in respect thereof, vide Communication of Proceeding of Whole Time Member dated October 8, 2012. The DA issued a Show Cause Notice ("SCN") dated December 14,
Page 4 of 23 2. A merchant banker shall maintain high standards of integrity, dignity and fairness in the conduct of its business.
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:WTM/SR/EFD/DRA-IV/58/03/2015. 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.