The Hindu Business Line : SEBI dismisses case against India Bulls

In April this year, in an interim order, SEBI had banned India Bulls from buying and selling shares following prima facie evidence that the company had acted as one of the key operators in the IPO irregularities.

It was alleged that the company, a depository participant, received 13,939 shares of TCS from 559 demat accounts in its beneficial owner account with the depository participant — IBSL, which is also a member of NSE and BSE.

However, SEBI said by further verification of the records and the submissions made by IBSL, it was found that there was nothing on record to show that the 559 demat accounts holders, from whom IBSL had received shares of TCS through off market transactions, were not genuine.

SEBI accepted the submission of IBSL that it had received TCS shares in its client margin account from various clients as a stockbroker (for margin requirements) and not as a key operator for cornering of IPO shares and for its manipulation.

The case was dismissed without any further directions.

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SEBI dismisses case against India Bulls