Sebi traces recent IPO money to investor cartel

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Sebi traces recent IPO money to investor cartel

Postby cacscwa » Sun Jan 01, 2012 8:09 pm

Mumbai:The capital market regulator is understood to have unearthed a money trail linking companies that recently went public with a common set of investors that subscribed to the initial public offerings (IPOs). The Securities and Exchange Board of India (Sebi) is also believed to have discovered violations related to the use of money lying in escrow accounts.The Sebi probe has zeroed in on a host of market players, including merchant bankers, investors, companies and operators, said sources. Incidentally, this is the second time that Sebi has launched a probe related to IPOs.

According to people familiar with the development, Sebi has found instances wherein the money lying in the escrow account was given to third parties as loans or even used as inter-corporate deposits (ICDs). This is contrary to Sebi regulations which stipulate that such money can be used only for the ‘objects of the issue’.

“Sebi has been able to identify a common set of investors and merchant bankers who may have indulged in malpractices,” said a person familiar with the probe.

“A total of five to six recent IPOs were under the scanner and the regulator has come across investors who do not seem to have been habitual IPO applicants,” he added.

The last few months have seen a slew of small-sized IPOs, including Indo Thai Securities, Onelife Capital Advisors, M&B Switchgears, RDB Rasayans, Brooks Laboratories and Inventure Growth & Securities. Further, in most instances, the prices have crashed significantly soon after the listing.

According to sources, the list of alleged offenders also includes entities that have been penalised earlier, albeit for unrelated matters. In one instance, an independent director of a company that was recently listed on the exchanges was known to be a close associate of Nirmal Kotecha, who has been barred from the securities market.

While investigating two Indore-based companies, Sebi discovered a common set of investors who had not applied for IPOs earlier. Sebi analysed the subscription data to find out if there was a connection between the investors.

Earlier in 2006, Sebi whole-time member G Anantharaman had come out with a landmark order on IPO irregularities that resulted in a disgorgement of R116 crore. Meanwhile, in some recent media interactions, Sebi chairman UK Sinha has reiterated that the regulator is reviewing the entire IPO process to bring it at par with the global best practices.

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