Financial Daily from THE HINDU group of publications
Tuesday, Dec 06, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 06, 2005 |
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Markets
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Regulatory Bodies & Rulings Taib Bank told to stop trading for UAE sub-account Our Bureau
Mumbai , Dec. 5 THE capital market regulator SEBI has directed Taib Bank, a SEBI registered FII, to stop trading in the Indian security market on behalf of its sub-account Jermyn Capital LLC, a UAE based entity. SEBI has also asked the FII to furnish additional information on the beneficial ownership of the investments made by Jermyn Capital LLC and details of its investors and shareholders. It came to the notice of SEBI that Jermyn Capital LLC had two directors who were also directors in Jermyn Capital Partners PLC — which is a FSA registered entity based in the UK. One Mr Dharmesh Doshi against whom CBI has issued a red alert is a director of the UK-based entity. Incidentally, FSA Web site shows that Jermyn Capital Partners PLC was earlier named as Triumph International Finance Ltd, an entity associated with Mr Ketan Parekh. According to a SEBI source, the regulator has also written to the CBI, Enforcement Directorate, RBI, informing them of this action. SEBI has also alerted FSA on this matter. Besides, SEBI has also stopped the operations of another sub-account of Taib Bank, Merlyn Capital which was found to be an NRI owned outfit.
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