IPO Irregularities: The market regulator SEBI is going to give a big relief to the investors in the case of irregularities related to IPOs during 2003 to 2005. SEBI has started the process of refunding investors caught up in the IPO fraud case. Through this, around Rs 15 crore will be returned to the investors. Earlier too, SEBI has returned investors’ money in two phases. In the first phase, a total of Rs 23.28 crore was returned to investors in April 2010. At the same time, for the second time in the year 2015, SEBI returned a total of Rs 18.06 crore to investors.
2.58 lakh investors will benefit.
On Thursday i.e. August 24, 2023, the Securities and Exchange Board of India (SEBI) has issued a notification stating that a total of 2.58 lakh investors will be refunded Rs 14.87 crore, which were wrongly invested during the IPO rigging. were taken. SEBI has recovered this amount and is now in the process of returning it.
The notification also stated that during the IPO rigging, a total of 13.57 lakh investors were identified as victims of the fraud. 10.02 lakh investors have been refunded in the first two phases. Also, 97,657 people have been excluded from the process. On the other hand, 2.58 lakh people will be refunded in the third phase, the process of which has already started on August 17. Of these, 1.15 lakh people have already received partial payment.
What’s the whole deal?
Notably, a total of 21 IPOs were rigged during the allotment of shares between 2003 and 2005. In this case, the Supreme Court formed a committee and ordered an investigation. The court had asked SEBI to identify the investors and refund their money. Meanwhile, SEBI is refunding a total of 2.58 lakh investors through the third phase.
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