The Hindu Business Line : SAT upholds SEBI order against Jermyn Capital

Jermyn Capital Partners PLC was formerly known as Triumph Securities UK PLC, which was a 100 per cent subsidiary of Triumph International Finance (India) Ltd that had Mr Ketan Parekh and Mr Dharmesh Doshi as directors.

Mumbai , Sept. 6

The Securities Appellate Tribunal (SAT) has upheld the SEBI order of January 13 restraining Jermyn Capital LLC, a foreign corporate sub-account of SEBI registered FII Taib Bank, from dealing in the Indian securities market.

The Dubai-based Jermyn Capital LLC was found not to satisfy the criteria set out under the Regulation 3 of SEBI (Criteria for Fit and Proper Person) Regulations owing to the linkages between Jermyn Capital LLC, Jermyn Capital Partners PLC (UK) and Mr Dharmesh Doshi / Mr Ketan Parekh.

SEBI investigations had earlier revealed that Jermyn LLC was an associate of the UK-based Jermyn Capital Partners PLC. Jermyn Capital Partners PLC is a corporate entity based in the UK registered with the Financial Services Authority, UK. Jermyn PLC is also a member of the London Stock Exchange.

Jermyn Capital Partners PLC was formerly known as Triumph Securities UK PLC, which was a 100 per cent subsidiary of Triumph International Finance (India) Ltd (TIFIL) that had, among others, Mr Ketan Parekh and Mr Dharmesh Doshi as directors.

SEBI investigations

SEBI had earlier conducted investigations into the stock market scam of 2001 and initiated punitive action against TIFIL and its directors including Ketan V. Parekh and Dharmesh Doshi.

"We have heard the learned senior counsel for the parties and are of the view that the impugned order deserves to be upheld," the SAT order said.

It is quite legitimate to infer from the admitted facts that Mr Hugh Hamilton Andrews, a British national who owns 100 per cent shares in Jermyn Capital Partners PLC (UK) and about 40 per cent in Jermyn Capital LLC (the Dubai-based company), and Mr Dharmesh Doshi, the Executive Director of Jermyn Capital Partners PLC (UK), are "extremely close to each other,'' the order said.

To sum up, Mr. Andrews (Chairman of both the companies) who is running the show in India (through Jermyn Capital LLC) is a close associate of Dharmesh Doshi, who in turn appears to be a close associate of Ketan Parekh, says the SAT order.

SEBI's suspicion that "Andrews, Doshi and Parekh are hand in gloves with each other'' is reasonably strong, the SAT order said.

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