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The Securities and Exchange Board of India has revoked its ex-parte interim order passed in December 2011 against 17 entities involved in the Tijaria Polypipes initial public offering.
Of the 17, adjudication procedures against 15 entities — including four brokers — will be initiated by the SEBI, said the regulator in an order put up on its Web site on Friday. No further proceedings will be initiated against the two remaining entities — Naveen Taparia and Champak Pujara.
On December 28, 2011, the SEBI had barred 17 entities, including four brokers from buying or selling securities in the stock markets. The four brokers were also prohibited from signing up new clients.
These entities had allegedly funded entities to off set losses incurred by the exit of institutions and retail allottees and done synchronised trading. Synchronised trading occurs when the buyer and the seller place identical buy and sell orders at the same time. If this is done in the know of each other, it is deemed as an unfair trade practice.
The order said that the proceedings against Taparia and Pujara were disposed off due to lack of evidence of their involvement.
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