sebi:WTM/TCN/33/ISD/06/07
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Facts / Headnote
Interim direction prohibiting ING Vysya from opening fresh demat accounts is lifted; all issues left open for the Enquiry Officer.
Provisions invoked
- s. 11
- s. 19
Parties
- ING Vysya Bank Limited
Holding
SEBI's interim direction prohibiting ING Vysya Bank from opening fresh demat accounts is not required to be continued, and the direction is lifted with immediate effect. The order expressly gives only a prima facie finding, leaving all issues and contentions open for the Enquiry Officer.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ In the matter of IPO Investigations- M/s. Ing Vysya Bank Limited Jul 28, 2006 | Orders : Orders of Chairman/Members SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: Dr. T. C. Nair, WHOLE TIME MEMBER IN THE MATTER OF IPO INVESTIGATIONS- M/s. ING VYSYA BANK LIMITED WTM/TCN/ 33 /ISD/06/07 15232 24 9 1. 2. 3. 4. 5. 6. 7. 1
e) Appropriate disciplinary proceedings have been initiated against the concerned members of staff including suspension of branch manager of Dadar branch. ING exclusive and extensive training program on KYC and AML Regulations for operational staff to raise their level of understanding of KYC norms. As a operation of 544 accounts has been frozen in addition to not opening any fresh accounts with effect from 28 April 2006.
accounts in fictitious / benami names and cornering the retail portion of shares in Initial Public Offering (IPO). In view of the above preliminary finding, SEBI vide the said order directed ING Vysya not to open fresh demat accounts till further
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Source: SecMarx — sebi:WTM/TCN/33/ISD/06/07. 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.