in shares of Pyramid Saimira.
In different final orders on these four, passed on January 3, the Sebi said the four-years-and-eight-month period of ban already undergone by them will "broadly commensurate" for the the charge of aiding and abetting Nirmal
Kotecha in violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations. In the case of Nirman Management, the Sebi said by allowing its director, Nirmal Kotecha, to use its bank account for funding activities which operated as a fraud on genuine investors, the entity had "indeed aided and abetted Nirmal Kotecha and thus violated provisions of...the PFUTP Regulations".
However, the market regulator said "the period of prohibition already undergone by Nirman Management Services pursuant to Sebi ad interim order dated April 23, 2009 shall be taken into account for the purpose of computing seven years of prohibition imposed in this order".