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NEW DELHI: Markets regulator Sebi has penalised Hindu Undivided Family Pankaj J Shah (HUF) and "connected entities" for cornering shares meant for retail investors in the initial public offerings (IPOs) of Tree House Education, L&T Finance Holdings and Future Ventures India. A total fine of Rs 46.25 lakh has been imposed on 36 entities, Sebi said in an order passed on Monday.
Sebi found that Pankaj J Shah (HUF) advanced funds to 35 entities, which were connected to it by means of common mobile numbers, common address and employment under Pankaj J Shah.
Further, these 35 entities invested the money so received as margin in the three IPOs and then sold these shares received in the initial share-sale thereafter. Then, they returned the amount, as received upon selling the shares to Pankaj J Shah (HUF).
Thus, Pankaj J Shah (HUF) circumvented the maximum limit of applying in retail quota of the IPOs and cornered the shares reserved for the retail category with the help of these connected entities, Sebi said.
By indulging in such trades, they violated the provision of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms, it added.
In addition, Sebi found that these entities were involved in certain off-market transactions in the scrip of L&T Finance Holdings in violation of securities contracts norms.
In a separate order on Tuesday, the regulator has imposed a penalty of Rs 1 lakh on Whitefeathers Realty Pvt Ltd for disclosure lapses in the matter of Mapro Industries Ltd.
"Noticee (Whitefeathers Realty) has not made disclosure under...SAST Regulations, 2011, to the company and stock exchange regarding its acquisition of 10,000 shares leading to its shareholding from 4,13,050 shares (4.92 per cent) to 4,23,050 shares (5.04 per cent) i.e. breaching the 5 per cent threshold," Sebi noted.
Sebi found that Pankaj J Shah (HUF) advanced funds to 35 entities, which were connected to it by means of common mobile numbers, common address and employment under Pankaj J Shah.
Further, these 35 entities invested the money so received as margin in the three IPOs and then sold these shares received in the initial share-sale thereafter. Then, they returned the amount, as received upon selling the shares to Pankaj J Shah (HUF).
Thus, Pankaj J Shah (HUF) circumvented the maximum limit of applying in retail quota of the IPOs and cornered the shares reserved for the retail category with the help of these connected entities, Sebi said.
By indulging in such trades, they violated the provision of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms, it added.
In addition, Sebi found that these entities were involved in certain off-market transactions in the scrip of L&T Finance Holdings in violation of securities contracts norms.
In a separate order on Tuesday, the regulator has imposed a penalty of Rs 1 lakh on Whitefeathers Realty Pvt Ltd for disclosure lapses in the matter of Mapro Industries Ltd.
"Noticee (Whitefeathers Realty) has not made disclosure under...SAST Regulations, 2011, to the company and stock exchange regarding its acquisition of 10,000 shares leading to its shareholding from 4,13,050 shares (4.92 per cent) to 4,23,050 shares (5.04 per cent) i.e. breaching the 5 per cent threshold," Sebi noted.
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