SEBI bars Pan Asia Advisors and its promoter Arun Panchariya from markets for 10 years
Moneylife Digital Team 21 June 2013
Pan Asia Advisors and its promoter Panchariya and Indian companies created a scheme to mislead Indian investors about the inflow of foreign investment through GDRs
 
Market regulator Securities and Exchange Board of India (SEBI) has barred Pan Asia Advisors, now known as Global Finance and Capital and its promoter Arun Panchariya for 10 years for market manipulation using global depository receipt (GDR) issues. 
S Raman, whole-time member of SEBI passed final order on 20 June 2013, barring Panchariya and Pan Asia Advisors from dealing and accessing, directly or indirectly Indian markets for the next 10 years.
 
The probe by the market regulator found market manipulation using GDR issues involving several entities, including Panchariya and Pan Asia Advisors.
 
SEBI said, “It was inter-alia observed that Panchariya had entered into a fraudulent arrangement with the promoters of certain issuer companies like Asahi Infrastructure & Projects, IKF Technologies, Avon Corporation,  K Sera Sera, CAT Technologies and Maars Software International to issue GDRs.”
 
“The cross referenced agreements signed by entities of Panchariya and by the issuer the company with Austria-based European American Investment Bank AG led to GDR proceeds received by company being pledged against loans raised by entity of Panchariya. The names of the foreign investors disclosed to exchanges in India were found to be fictitious. Therefore, together, Panchariya and Indian companies have created a scheme to mislead the investors about the inflow of foreign investment through GDRs and that the companies were found as favourable investments by foreign investors. Thereafter these GDRs were converted through sub-accounts controlled by Panchariya and the shares so converted were dumped in the Indian securities markets to the detriment of the Indian investors,” SEBI said in its order. 
 
Comments
nazar
1 decade ago
these brothers are criminals and should be sent to prison for there actions. and know are trying the same trick in dubai... please stop them as they try to rip off innocent investors...
Bosco Menezes
1 decade ago
Good work ... these scamsters must be brought to book
nazar
Replied to Bosco Menezes comment 1 decade ago
very dishonest people. trying to scam good innocent people.. they should go to jail..
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