March 26, 2007
PR No. 112/2007
SEBI passes confirmatory orders against Gautam N Jhaveri and
Hasmukh N Vora in the matter of IPO investigations
Dr. T. C. Nair, Whole Time Member, SEBI has passed orders on March 26, 2007 confirming the ad interim ex-parte order dated April 27, 2006 against Shri Gautam N Jhaveri and Shri Hasmukh N Vora in the matter of IPO investigations. Both Shri Gautam N Jhaveri and Shri Hasmukh N Vora were identified as financiers to the key operators in the interim order dated April 27, 2006.
After hearing them, it was found that they were involved in 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 and manipulative and not in the interest of the investors and the securities market.
The order dated March 26, 2007 �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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