SEBI passes its first set of consent orders in IPO cases

SEBI passes its first set of consent orders in IPO cases In accordance with Securities and Exchange Board of India (SEBI) guidelines, dated April 20, 2007 for consent orders, SEBI has passed its first batch of consent orders today in the matter of irregularities in IPOs. SEBI had passed an ad interim ex-parte order on April 27, 2006 in the matter of irregularities in IPOs, wherein the applicants were alleged to be the financiers in the case. The applicants had applied for consent without admission or denial of guilt, a release issued by SEBI said. Pursuant to SEBI's ex-parte order, the applicants have already undergone prohibition from buying, selling and dealing in securities. The applicants have remitted a total sum of Rs 71,75,000 towards the terms of consent in the matter. The consent amount includes Rs 59,75,000 towards disgorgement of the amount of alleged ill-gotten gains and Rs 12,00,000 towards settlement charges.

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