Sebi lifts trading curbs on an individual in V Marc India IPO case

Sebi on Tuesday revoked all restrictions imposed on an individual in connection with alleged irregularities in the initial public offering of V Marc India Ltd, after its investigation found no evidence of the individual's involvement.

"... revoke all the directions issued vide the interim order qua Ms Rekha Kurani with immediate effect," Sebi's whole-time member (WTM) Amarjeet Singh said in the order.

The Securities and Exchange Board of India (Sebi) had passed an interim order in February 2024, restraining 12 entities, including Rekha Kurani from securities market and directed them to deposit their alleged wrongful gains.

Additionally, the regulator had impounded wrongful gains of Rs 6.38 crore made by some of the entities from the manipulative scheme.

This case primarily deals with fraudulent and manipulative trading in the scrip of V Marc India Ltd, listed on NSE's SME segment, prima facie orchestrated by the promoter and company management, along with connected parties.

Later, the directions were confirmed with certain modifications on July 26, 2024.

"I note that the directions issued against the entities vide the interim order were interim in nature and were issued on the basis of prima facie findings in order to protect the interests of investors in the securities market.

"Pursuant to the completion of the...investigation in the instant matter, it is found that the involvement of Ms Rekha Kurani could not be established and thus, the directions issued against her vide the interim order need not be continued," Sebi's WTM Amarjeet Singh said in the order.