Our Bureau

Mumbai, Nov. 23

Security and Exchange Board of India has lifted the ban on HDFC Bank, a depository participant, allowing it to open fresh demat accounts. SEBI had prohibited the bank to issue further demat accounts, as it had failed to adhere to the `know your client' norms.

HDFC Bank had facilitated opening of demat accounts in fictitious-benami names to corner the retail portion of shares in Initial Public Offerings, going by SEBI findings .

In its order, SEBI has said that all issues and contentions will be left open to be considered by the Enquiry Officer appointed by it and will be decided in subsequent proceedings.

(This article was published in the Business Line print edition dated November 24, 2006)
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