March 26, 2007
PR No. 109/2007
SEBI passes confirmatory order against M/s. Deep Stock Broking Pvt. Ltd. in the matter of IPO investigations
Dr. T. C. Nair, Whole Time Member, SEBI has passed an order on March 23, 2007 confirming the ad interim ex-parte order dated April 27, 2006 against M/s. Deep Stock Broking Pvt. Ltd. (DSBPL) in the matter of IPO investigations. DSBPL was identified as one of the financiers to the key operators in the interim order dated April 27, 2006.
After hearing DSBPL, it was found that DSBPL was involved in the larger game plan of cornering allotment in IPO shares and making undue gains at the cost of retail investors. Such practices are not only violative of SEBI Act and regulations made thereunder but also deceptive or manipulative and not in the interest of the investors and the securities market. The order dated March 23, 2007 clarifies that this order "shall not in any way influence the proceedings pending before the Adjudicating Officer, who may pass orders in his adjudication proceedings".
Mumbai
March 26, 2007
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