The Securities and Exchange Board of India (Sebi) on Wednesday absolved the charges against Indiabulls Securities in the IPO-Demat scam.
The order was passed after Sebi conducted investigations into the affairs relating to buying, selling or dealing in the shares through IPOs during 2003-05 by firms such as TCS, Gateway Distripacks, Dishman Pharma and Chemicals, Patni Computer Systems and others.
Many entities had opened several demat accounts to corner shares in various IPOs by making fictitious applications in the category reserved for retail investors.
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