August 04, 2009
PR No. 240/2009
SEBI passes Consent Order on the application submitted by Centurion Bank of Punjab (since merged with HDFC Bank Ltd.)
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 Centurion Bank of Punjab.
Centurion Bank of Punjab (since merged with HDFC Bank Ltd.), a Depository Participant, opened large number of demat accounts with common addresses in benami or fictitious names with a view to corner the 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 till further directions. The enquiry officer also issued a show cause notice dated January 23, 2007.
The applicant without admitting or denying charges has remitted a total sum of Rs. 8,00,000/- (Rupees eight lakh only) towards settlement charges.
Mumbai
August 04, 2009
|
