August 03, 2009
PR No. 238/2009
SEBI passes Consent Order in matter of IPO irregularities � KIFS Securities Private Limited (Earlier known as Khandwala Integrated Financial Services Private Limited)
A Panel consisting of Whole Time Members, SEBI, Shri M.S.Sahoo and Dr. K.M.Abraham, has passed Consent Order on July 29, 2009 in the matter of �irregularities in the Initial Public Offerings (IPOs)� on an application submitted by KIFS Securities Private Limited.
KIFS Securities Private Limited, a Depository Participant, allegedly failed to exercise due skill, care and diligence while opening 1399 demat accounts with common addresses and 1153 afferent demat 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. 2,00,000/- (Rupees Two Lakh only) towards settlement charges.
Mumbai
August 03, 2009
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