Speed up investigations: SAT tells Sebi
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The Securities Appellate Tribunal (SAT) has asked capital market regulator Sebi to complete its probes within a "reasonable" timeframe, more so when entities can suffer losses due to interim orders passed against them.
Hearing an appeal against an interim Sebi order barring certain entities alleged to be involved in manipulation of an IPO, SAT said the tribunal is "conscious of the fact that in an investigation involving a large number of parties, we cannot bind the Board by a timeframe within which investigation can be completed."
However, "it goes without saying that this time has to be a reasonable one, more so when the entities are debarred from dealing in the market which adversely affects their business," SAT said in an order dated August 14, 2012.
The Tribunal observed that the investigations in this particular case is going on since May 2011 and Sebi "needs to act as expeditiously as possible".
In a separate order as well, passed on the same day, SAT said it sees "no reason why the Board (Sebi) cannot pass an order expeditiously", while hearing an appeal against an interim order of December 2011.
Both the investigations are related to irregularities in separate IPOs (Initial Public Offers) and SAT has dismissed both the appeals, while asking Sebi to expedite its probe in both the cases.
One of the two cases relates to Sebi's investigation in the alleged manipulation of IPO issue of PG Electro Plast Ltd.
As per initial investigation report, a large number of entities including Nimbus Industries Ltd are alleged to be involved in the manipulation of the IPO issue.
An independent director of Nimbus Industries, Bharat Bachubhai Merchant, had approached SAT against Sebi's exparte ad-interim order dated December 28, 2011, prohibiting the appellant, amongst others, from buying, selling or dealing in the securities market, in any manner whatsoever, till further directions.
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