July 19, 2004
PR No. 159/2004

M/s. Infoquest Software Exports Ltd. & Shri Sanjay Jhalani

barred from securities market

M/s Infoquest Software Exports Ltd. (ISEL) & Shri Sanjay Jhalani are prohibited from securities market for two years w.e.f. July 9, 2004. The order was passed by Shri A.K. Batra, Whole Time Member, on July 9, 2004 under Regulation 11 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 and Section 11 and 11 B of SEBI Act 1992. 

SEBI had conducted investigations into the alleged irregularities in the allotment of shares in the public issue of ISEL for 43,18,800 shares and manipulation in the price of the scrip of ISEL. Pursuant to investigations, SEBI after considering the facts, found ISEL and its Director, Sanjay Jhalani guilty of violating the provisions of Regulation 3 and 4(a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995. 
 
 
Mumbai

July 19, 2004