SAT asks Sebi to complete probe

8220;8230; we dispose of the appeal with a direction to the Board Sebi to complete the investigation,qua the appellants Damp;A Financial Services and Dinesh R Kaushik,by November 30,2012,8221; SAT said.

8220;In case the investigation is not completed by that date,interim order qua the appellants shall stand vacated,8221; it added.

According to the tribunal,the Sebi8217;s senior counsel had 8220;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 thereafter8221;.

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 Damp;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.