August 04, 2009
PR No. 245/2009
Order against Shri Bhanuprasad D. Trivedi in the matter of IPO irregularities
Shri M. S. Sahoo, Whole Time Member, SEBI, has passed final order dated July 30, 2009 against Shri Bhanuprasad D. Trivedi in the matter of Initial Public Offering (IPO) irregularities. Shri Bhanuprasad D. Trivedi was identified as a �part of the fraudulent, deceptive and manipulative scheme to corner the shares meant for retail individual investors in various IPOs� and facilitated with prior understanding, a financier Shri Jayesh Khandwala, to make ill-gotten gains.
Shri Bhanuprasad D. Trivedi has been restrained from buying, selling or dealing in the securities market in any manner whatsoever or accessing the securities market, directly or indirectly, for a period of one year from the date of the order.
The order further states: �the interest of the market and of the investors requires that such persons are not allowed to participate in the market and unjustly enrich themselves at the cost of investors. Such acts of serious irregularities threaten the market integrity and orderly development of the market and call for regulatory intervention to protect the interests of investors."
Mumbai
August 04, 2009
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