Sebi revokes ban against 17 entities

Sebi,in an order today,said it was revoking the interim order against 17 entities with immediate effect,while it has ordered proceedings against 15 entities following the completion of the investigation.

8220;Considering the fact that these entities have already undergone prohibition from dealing in securities8230;the interim directions against them should be revoked at this stage,8221; Sebi said.

In the case of two entities 8212; Naveen Taparia and Champak Pujara 8212; Sebi has revoked the ban as well as disposed of the proceedings initiated against them for lack of evidence.

The Tijaria Polypipes8217; IPO was open from September 27-29,2011.

Sebi had initiated a probe into the fall in price of Tijaria Polypipes8217; shares on the first day of its listing,October 14,2011.

Preliminary investigations revealed that the company had diverted substantial part of the IPO proceeds,8221;through layered transactions8221;,to certain entities who had allegedly provided an exit to the retail allottees/Qualified Institutional Buyers QIBs.