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Mumbai, Aug. 14 SEBI has passed consent orders against nine entities which acted as financiers in the IPOs by certain companies during the period 2003-05 and after investigations, SEBI order applied for consent without admission or denial of guilt.

The financiers against whom the consent orders were issued by SEBI include Mr Bakul Desai, Mr Chirag Desai, Hemlata Desai, Nimisha Kadakia, Shah Kantilal Jitmal.

The above parties have already made payments of varying amounts of money to the regulator according to the consent order requirements. SEBI also issued consent order in the matter of IPO scam of 2003-05 against Sanjay R. Shah, Sanjay Rameshchandra Shah and Ramesh Chimanlal Shah.

SEBI had passed an interim ex-parte order on April 27, 2006, in the matter of irregularities in IPOs, where in the above applicants were alleged to be the financiers who provided money for making IPO applications in fictitious/benami names.

More Stories on : IPOs | Regulatory Bodies & Rulings | Economic Offences

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