SEBI final clean chit on Wednesday to Indiabulls Financial Services’ broking arm in the initial public offering scam of 2003-05 hasn’t quite pleased the markets, it appears.
Will move CVC/ CBI to probe links between Sebi and Indiabulls
MUMBAI: The Securities and Exchange Board of India’s (Sebi) final clean chit on Wednesday to Indiabulls Financial Services’ broking arm in the initial public offering (IPO) scam of 2003-05 hasn’t quite pleased the markets, it appears. A day after the Sebi decision was announced, the stock closed 3% lower on the bourses.
Meanwhile, lawyer and retired IPS officer Y P Singh, whose battle against Sebi has just begun, rejoiced as the final order was out on Wednesday.
Singh had raised his voice against Sebi climbing down on the ban on Indiabulls Securities just a day after it was imposed on April 27, 2006. None of the other key operators, which included Karvy group companies and 85 others, was given such relief immediately.
Interestingly, Indiabulls, which then held a large piece of the demat accounts pie, had told a television channel immediately after the ban was imposed that it would appeal against the order.
Singh found the cancellation of ban against Indiabulls a day after imposition to be very suspicious and asked for essential documents under the Right to Information Act. However, he claimed to have been “handed over only a few papers.” Sebi, he said, had withheld the documents till the final orders were issued.
“Now that the final order has been issued, Sebi should hand over the complete set to us,” Singh told DNA Money. “We are now preparing to appeal either to Central Vigilance Commission or the Central Bureau of Investigation to investigate whether there were internal links between Sebi and Indiabulls officials. From the few papers that we have been given, the matter looks extremely suspicious.”
Indiabulls officials, however, claimed Singh was handed over all the papers in November 2006.
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