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IPO scam: 2 persons settle Sebi probe; pay Rs 76 lakh

New Delhi, Jan 15 () Two persons — Dushyant Natwarlal Dalal and Puloma Dushyant Dalal — have settled a probe by markets regulator Sebi after paying over Rs 76 lakh towards settlement charge for alleged involvement in the infamous IPO scam of 2003-05.
Securities and Exchange Board of India (Sebi) agreed to settle proposed adjudication proceedings in the case after it was approached by these persons with a settlement application.
They filed a settlement application proposing to settle, “without admitting the findings of fact and conclusions of law” through a settlement order, the pending adjudication proceedings initiated by the regulator for the alleged violation of the PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) norms as well as non-compliance with Sebi’s direction.

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