The Securities Appellate Tribunal on Friday asked Sebi to complete its probe related to alleged irregularities committed by merchant banker D&A Financial Services and its director related to Brooks Laboratories IPO by November 30,the date given by the market regulator. In its order,the tribunal said Sebi's interim-order restraining the two entities from securities market would be vacated if the regulator does not complete the investigation by November 30. ". we dispose of the appeal with a direction to the Board (Sebi) to complete the investigation,qua the appellants (D&A Financial Services and Dinesh R Kaushik),by November 30,2012," SAT said. "In case the investigation is not completed by that date,interim order qua the appellants shall stand vacated," it added. According to the tribunal,the Sebi's senior counsel had "very fairly stated before us that the board will complete its investigation qua the appellants by November 30,2012 and if need be,take further action within a month thereafter". The tribunal also observed that as the case was still under investigation it was not inclined to intervene in the matter at this stage. Sebi,in December 2011,had restrained D&A Financial Services and its director Dinesh R Kaushik from taking up any new assignment or involve themselves in any new public offer in the securities market till further directions. The two entities allegedly did not comply with disclosure norms in the case of initial public offering of Brooks Laboratories. Following the interim order by Sebi,the two entities were granted a personal hearing in February 2012. Later,the two entities approached the tribunal alleging that Sebi has not passed any order subsequent to the final hearing and were been deprived of continuing their business although no evidence was found against them to prove the charges. Sebi had confirmed the interim order against the two entities on September 5.
