December
07, 2009
PR No. 381/2009
SEBI passes Consent Order in the matter of IPO irregularities �
Rajeshkumar V. Patel
A Panel consisting of Whole Time Members, SEBI, Shri M.S.Sahoo and Dr. K.M. Abraham has passed consent order on November 30, 2009 in the matter of �irregularities in the IPOs" on an application submitted by Rajeshkumar V. Patel.
Rajeshkumar V. Patel cornered the shares meant for retail individual investors in the IPO of TCS Ltd. Pursuant to the investigations, SEBI initiated proceedings under section 11B of SEBI Act, 1992 and issued show cause notice to the applicant on December 16, 2008. SEBI also initiated adjudication proceedings against the applicant.
The applicant without admitting or denying the charges has remitted a sum of Rs.5,59,506/- (Rupees five lakh fifty nine thousand five hundred and six only) towards settlement charges along with Rs. 18,65,019/- (Rupees eighteen lakh sixty five thousand and nineteen only) towards disgorgement money.
Mumbai
December 07, 2009
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