Business Daily from THE HINDU group of publications
Wednesday, Dec 10, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Wednesday, Dec 10, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
|
|
|
|
|
Markets
-
Economic Offences Our Bureau Mumbai, Dec. 9 The hearing of the National Securities Depository Ltd-Central Depository Services Ltd versus SEBI penalty adjudication case at the Securities Appellate Tribunal (SAT) will resume on Wednesday, according to sources. The previous hearing was on Monday. As a part of the 2003-2005 IPO scam investigations, SEBI, in its November 2006 order, alleged that the cornering of the retail portion of IPOs could not have succeeded but for the active role played by Depositories and Depository Participants facilitating the opening of numerous demat accounts in fictitious and benami names, which were subsequently used for making applications for the portion reserved for retail investors in IPOs. NSDL, CDSL and eight depository participants were asked to pay Rs 115.81 crore by the regulator as a disgorgement amount to compensate for the losses incurred by the IPO applicants. NSDL-CDSL went in appeal to SAT against the SEBI order; this was when the SEBI Chairman, Mr C.B. Bhave, was heading NSDL. After Mr Bhave was appointed as SEBI Chairman in February, the Government decided to set up a separate sub-committee in SEBI to defend the case in view of Mr Bhave’s earlier responsibility at NSDL. To avoid conflict of interest, SEBI is now being represented by the board’s sub-committee constituted for this purpose. IPO scam: 12 financiers pay to settle dispute Several investigating authorities on trail of IPO scamsters IPO scam: Apellate tribunal sets aside SEBI order on Karvy IPO scam-hit may get back monies IPO case: Depositories told to pay back Rs 116 cr More Stories on : Economic Offences | IPOs
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
