Sebi slaps Rs 10 lakh fine on 2 entities in Edserv Softsystems IPO matter

-

The Securities and Exchange Board of India (Sebi) had conducted an investigation into the initial public offer (IPO) of Edserv on NSE for the period from March 2-9, 2009 and on BSE from March 2-6, 2009.

Markets regulator Sebi today imposed a penalty of Rs 10 lakh on Krishna Enterprises and Rajesh Services Centre for aiding Edserv Softsystems in "fraudulently" siphoning off the funds from its IPO proceeds.

The Securities and Exchange Board of India (Sebi) had conducted an investigation into the initial public offer (IPO) of Edserv on NSE for the period from March 2-9, 2009 and on BSE from March 2-6, 2009.

During the probe, it was observed that Rs 4.75 crore had been siphoned off fraudulently from Edserv and certain entities including Krishna Enterprises -- K Rajendran being its sole proprietor -- and Rajesh Services Centre -- R Dhanalakshmi being its sole proprietor -- aided and abetted the firm in moving out the funds.

Share Market tips

In an order, Sebi said Krishna Enterprises and Rajesh Services Centre had diverted Rs 1.5 crore and Rs 2.25 crore, respectively, out of Rs 3.75 crore received from Edserv and had in collusion with it, acted as layers in transferring the entire sum to Mahadev Impexs, Shiv Impexs, S K Alloys & Trading and Ramco International either on same day or the next day.

Krishna Enterprises and Rajesh Services Centre had thereby aided/ abetted Edserv in "fraudulently siphoning off the funds from its IPO proceeds", Sebi said, adding that their act is in violation of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) regulations.

For the violation, Sebi has imposed a penalty of Rs 5 lakh each on both the entities.

Two days Free Trial and best services packages for dealing in Stock market click here to get >> Share Market Tips By Ripples Advisory Give a Missed call @9644405056

Comments

Post a Comment

Popular posts from this blog

Daily equity Market By Ripplesadvisory Report 16-Aug-2016

-
MARKET WRAP UP The Sensex and Nifty jumped over one per cent on Friday and were headed for their second session of gains, led by energy stocks, including Reliance Industries Ltd, as oil prices extended their rally. Domestic sentiment was also buoyed on continued buying by investors ahead of IIP and inflation data scheduled to be released later in the day. US stocks closed at record highs on Thursday as surging oil prices and strong earnings buoyed investor sentiment, giving a boost to Asian markets. Dealers said widening of positions by participants ahead of key economic data —— industrial production (IIP) for June and consumer price index (CPI) for July —— to be released after market closing today also added to the upbeat investor sentiment. At 3.05 pm, the Sensex was up 315.38 points or 1.13 per cent at 28,174.98 while the NSE Nifty was up 85.7 points or 1.00 per cent at 8,677.85. Sentiment also got a boost as foreign investors continued to buy Indian shares for a...
Read more

Axis Bank agrees to buy to payments wallet provider FreeCharge for $60 million

-
Image
Axis Bank Ltd, India's seventh-biggest lender by assets, said on Thursday it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for 3.85 billion rupees ($60.04 million). Most valuable Financial Advisory with the name of accurate tips provider here invites you to trade in a financial market with risk-free work click here for more >>  http://www.ripplesadvisory.com/free-trial.php "Digital payments in India are surging. Government policies are driving a less-cash economy," Axis Bank finance chief Jairam Sridharan told a news conference after announcing the deal.
Read more

Axis Bank Declines after Reporting Tepid Q4 Results

-
Image
For more Live premium stock future Visit Us:- http://ripplesadvisory.com/premium-stock-future-.php or Get Free Trials Just Call @96-44-40-50-56. Axis Bank declined 1.72% to Rs 508.40 at 9:40 IST on BSE after net profit dropped 43.13% to Rs 1225.10 crore on 4.33% rise in total income to Rs 14181.31 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 26 April 2017. Meanwhile, the S&P BSE Sensex was down 29.63 points or 0.1% at 30,103.72. On the BSE, 5.08 lakh shares were traded on the counter so far as against the average daily volumes of 9.17 lakh shares in the past one quarter. The stock had hit a high of Rs 525 and a low of Rs 503.60 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016 and a 52-week low of Rs 424.60 on 10 January 2017. The stock had outperformed the market over the past one month till 26 April 2017, rising 5.74% compared with the Sensex's 2.42% rise. The sc...
Read more