May 31, 2006
IPO Investigations � Ajay Kumar Gupta
Shri G. Anantharaman, Whole Time Member, SEBI has issued a post hearing order dated May 31, 2006 in the matter of "IPO Investigations - Shri Ajay Kumar Gupta."
Pursuant to the ex-parte ad interim order passed by Whole Time Member, SEBI on April 27, 2006, an opportunity of personal hearing was given to Shri Ajay Kumar Gupta on May 17, 2006 wherein oral and written submissions were made by Shri Gupta.
After considering the submissions made by Shri Ajay Kumar Gupta, following directions were issued:
"In view of the observations relating to the financial profile of Shri Ajay Kumar Gupta, meagre drawings, disproportionate investment in shares, good number of unexplained off market transactions and other features as brought out the prime facie conclusion is that the DP Account No. 10069837 with India Bulls Securities Ltd. is suspect and the same calls for remedial action by way of direction that Shri Gupta shall not operate the said account. However, having regard to the submissions made before the Hon�ble High Court of Delhi, Shri Gupta is permitted to operate the said DP Account for the limited purpose of transfer of securities on account of sale transactions only. "
May 31, 2006