February 18, 2009
PR No. 088/2009

SEBI passes Consent Order in matter of IPO irregularities � ING Vysya Bank Limited

A Panel consisting of Whole Time Members, SEBI, Shri M.S.Sahoo and Dr. K.M.Abraham, has passed Consent Order on February 16, 2009 in the matter of �irregularities in the IPOs� on an application submitted by ING Vysya Bank Limited. ING Vysya Bank Limited, a depository participant, allegedly failed to exercise due skill, care and diligence while opening 2075 demat accounts with common addresses and 544 afferent accounts and thereby facilitated cornering of shares meant for retail individual investors. Based on the findings SEBI had passed ad interim ex parte order dated April 27,2006 directing applicant not to open fresh demat accounts as a depository participant till further directions. The enquiry officer also issued a show cause notice dated November 22, 2006. The applicant without admitting or denying charges has remitted a total sum of Rs.4,00,000/- (Rupees four lakh only) towards settlement charges.


February 18, 2009


For full copy of order against ING Vysya Bank Limited  click here.