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SEBI okays Rs 2.6 cr consent order in IPO scam

One of the financier and key operator in the IPO scam (2003-05), Kelan Atulbhai Doshi, paid Rs 2.6 crore to SEBI towards disgorgement and settlement charges. Doshi was alleged to have provided money for making IPO applications in fictitious names to corner shares meant for retail investors.

SEBI on Wednesday said that a consent order was passed against Doshi on October 4 and a disgorgement amount of Rs 2.55 crore, being the notional undue gain made by him in the alleged irregularity and Rs 5 lakh as the settlement charges, had already been paid.

Earlier, Doshi proposed settlement of the matter through a consent order in June 2007 after SEBI issued a show-cause notice against him in June 2006 and proceedings in the matter was in progress.



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