Sebi rejects 12 consent pleas in 2013 so far

Market regulator Sebi on Wednesday said this year so far it has rejected 12 pleas for consent settlement of ongoing probes, including those related to suspected irregularities in shares of Adani Enterprises and erstwhile Bank of Rajasthan.

It has turned down consent application of Swan Securities in a case involving alleged violation of Sebi regulations of 'Prohibition of Fraudulent and Unfair Trade Practises' in shares of Adani Enterprises.

Under Sebi's consent mechanism, companies can seek to settle cases with the market regulator after payment of certain charges and disgorgement of any ill-gotten gains.

Besides, Sebi has also rejected plea of Meghna Developers which faces allegations of fraudulent and unfair trade practises in the shares of erstwhile Bank of Rajasthan (BoR).

Later BoR was acquired by ICICI Bank.

In a status report, Sebi (Securities and Exchange Board of India) has said that 12 consent applications have been rejected in 2013 so far as they are not found to be in consonance with the revised guidelines and the proceedings in these cases will continue in accordance with law.

Among other application included those of Media Matrix Worldwide Ltd, Vijay Bhagwandas & Company, Big Brokers House Stock Ltd Bansal Suppliers, Cityon Infrastructure, Asheesh Agarwal, Nirbharant Management Consultants, Sanjeev Agarwal, Falgun Finvest and Jayesh P Khandwala

These applications related to alleged violations of 'Prohibition of Insider Trading Regulations and 'Substantial Acquisition of Shares and Takeovers.'

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