The Securities and Exchange Board of India (Sebi) today barred Mahesh Kumar P Gandhi from buying, selling or dealing in the securities market directly or indirectly for a period of five years.
The ban comes after abnormal price movements in share prices of Nissan Copper after listing. In 2007, Sebi had issued a notice alleging that a set of connected buyers arranged a qualified institutional (QIB) subscription with assurance of an exit opportunity.
In its order, Sebi has also asked that the gains made by Gandhi on the first day of listing (Rs 1,33,99,835.25) be impounded from the amounts withheld by BSE and NSE. The exchanges have been asked to remit the amounts along with the accrued interest to Sebi within 15 days of the order. Sebi will transfer the amount to the consolidated fund of India.
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