SEBI has confirmed its ex-parte interim order (dated December 28, 2011) prohibiting PNB Investment Services and its MD & CEO, L.P. Agarwal, from taking up any fresh assignments or involving themselves in any new issue of capital including IPOs, FPOs and the like.
SEBI found PNB Investment Services and Agarwal guilty of ‘lack of adequate and independent due diligence’ in the Taksheel Solutions IPO.
SEBI initiated investigation into the Rs 82.5-crore Taksheel IPO when it observed huge volatility in price and transaction volume on the day of listing (October 19, 2011).
Chartered Capital
SEBI also confirmed its December 28, 2011,
They had approached the Securities Appellate Tribunal (SAT) against SEBI with an appeal that SEBI had not passed any order for five months after they had submitted their reply to SEBI in March. They said that they were being restrained from carrying out their business activities under the ex-parte interim order.
SEBI told SAT that it was still looking into the matter and would pass an order within two weeks and Chartered’s appeal to SAT was disposed of on August 29.