The Securities and Exchange Board of India on Friday passed a final order on the IPO demat scam, directing Roopalben N Panchal and associates to disgorge the unlawful gain of Rs 36 crore besides restraining them from accessing the capital market for a period of three months. They have also been asked to pay simple interest at the rate of 10% per annum for five years (2005-10) on the unlawful gains within 45 days. The scam relates to opening of thousands of fictitious demat accounts to corner shares reserved for retail individual investors in 18 IPOs that hit the market during 2003-2005.
Black money: Cabinet nod for 5 more pacts
The Securities and Exchange Board of India on Friday passed a final order on the IPO demat scam, directing Roopalben N Panchal and associates to disgorge the unlawful gain of Rs 36 crore besides restraining them from accessing the capital market for a period of three months.
This article was first uploaded on February twenty-six, twenty eleven, at twenty-nine minutes past nine in the night.