September
17, 2009
PR No. 293/2009
Consent Order on the application submitted by Smt. Balwinderkaur Purswani in the matter of IPO irregularities
A Panel consisting of Whole Time Members, Shri M.S. Sahoo and Dr. K.M. Abraham has passed consent order on September 15, 2009 in the matter of �irregularities relating to Initial Public Offerings (IPOs)" on an application submitted by Smt. Balwinderkaur Purswani.
Smt. Balwinderkaur Purswani cornered shares meant for retail individual investors in the IPO of IDFC Ltd. Based on these 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 IPO�s, directly or indirectly till further directions. SEBI also initiated adjudication proceedings against the applicant.
The applicant without admitting or denying the charges has remitted a total sum of Rs. 8,94,374/- (Rupees Eight Lakh Ninety Four Thousand Three Hundred and Seventy Four only) comprising Rs.7,45,312/- (Rupees Seven Lakh Forty Five Thousand Three Hundred and Twelve only) towards disgorgement and Rs.1,49,062/- (Rupees One Lakh Forty Nine Thousand and Sixty Two only) towards settlement charges.
Mumbai
September 17, 2009
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