April 21, 2009
PR No. 137/2009

SEBI passes Consent Order in the matter of IPO irregularities � 

Umang R. Shah

A Panel consisting of Whole Time Members, SEBI, Shri M.S.Sahoo and Dr. K.M.Abraham, has passed Consent Order on April 20, 2009 in the matter of �irregularities relating to Initial Public Offerings (IPOs)� on an application submitted by Umang R. Shah.
Umang R. Shah was identified as financier to corner the shares in the IPOs of Nectar Lifesciences Ltd., FCS Software Ltd. and Suzlon Energy Ltd. and based on the findings, SEBI had passed ad interim ex parte order dated April 27, 2006 directing applicant not to buy, sell or deal in securities market, including IPOs, directly or indirectly till further directions.
The applicant without admitting or denying charges has remitted a sum of Rs. 2,72,814/- (Rupees two lakh seventy two thousand eight hundred and fourteen only) comprising Rs. 2,27,345/- towards disgorgement and Rs. 45,469/- towards settlement charges.


April 21, 2009


For full copy of order against UMANG R. SHAH click here.