January
15, 2009
PR No. 021/2009
SEBI passes Consent Order in the matter of IPO irregularities �
HDFC Bank Limited
A Panel consisting of Whole Time Members, SEBI, Dr. K.M. Abraham and Shri M.S. Sahoo has passed consent order on December 22, 2008 in the matter of �irregularities relating to Initial Public Offerings (IPOs)" on an application submitted by HDFC Bank Limited.
HDFC Bank Limited, a SEBI registered depository participant opened several demat accounts in benami or fictitious names to corner the shares in IPOs and based on findings SEBI passed an ad interim ex-parte order on April 27, 2006 directing applicant not to open fresh demat accounts till further orders. After giving an opportunity of hearing SEBI revoked its interim directions against the applicant vide order dated November 23, 2006.
The applicant without admitting or denying the charges has remitted a total sum of Rs.1,00,000/- (Rupees one lakh only), towards the settlement charges.
Mumbai
January 15, 2009
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