The market regulator disposed off representation made by Dushyant N Dalal and Puloma D Dalal, who have been restrained from securities market for seven years
Market Securities and Exchange Board of India (SEBI) has disposed of a representation made by two individuals, who had sought the vacation of restrictions imposed on them with respect to securities market dealings.
The representation made by Dushyant N Dalal and Puloma D Dalal, who have been restrained from securities market for seven years starting 21 July 2009, has been disposed of, SEBI said in an order.
After finding that they indulged in fraudulent, deceptive and manipulative practices in initial public offers (IPOs) of various companies, SEBI had directed them to pay a disgorgement amount of Rs6 crore. The amount included simple interest at the rate of 12% annum for four years (2005-09) on the unlawful gain of over Rs4 crore.
In its order on 21 July 2009, SEBI had said that in case Rs6 crore disgorgement amount is not paid within 45 days of the order, the two would be restrained from dealing in the securities market for a further period of seven years.
SEBI also said the request made by the applicants for vacating the restraint imposed on them for non-compliance with the disgorgement order within the time stipulated in the order cannot be acceded to.
"A view on the quantum of penalty to be levied on the applicants have already been taken in the SEBI order. The applicants are undergoing the restraint only because of their non-compliance with the disgorgement order and as directed vide the SEBI order," Prashant Saran, whole time member of SEBI said.
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