Market Operations - Investigation Department

SEBI order in the matter of IPO Irregularities - Dealings by Jayesh P. Khandwala-HUF, Proprietor of Zealous Trading Company in the Initial Public Offers of IDFC Ltd. (IDFC), Sasken Communication Technologies Ltd. (Sasken) and Suzlon Energy Ltd. (Suzlon)

Further to ad interim ex-parte order dated April 27, 2006, SEBI now vide its order no: WTM/MSS/ISD/78/2010 dated October 26, 2010 has, inter-alia, issued the following directions:- 

1. Jayesh P. Khandwala-HUF (PAN - AAAHJ4784N) and Mr. Jayesh P. Khandwala (PAN - ABHPK0873H) shall not buy, sell or deal in the securities market in any manner whatsoever or access the securities market, directly or indirectly, for a period three months from the date of this Order.
2. SEBI has further directed Jayesh P. Khandwala-HUF to disgorge the unlawful gain within 45 days from the date of this order.
3. In case the said amount is not paid within the specified time, Jayesh P. Khandwala-HUF (PAN - AAAHJ4784N) and Mr. Jayesh P. Khandwala (PAN - ABHPK0873H) shall be restrained for a further period of seven years from (i) buying, selling or dealing in securities market in any manner whatsoever (ii) accessing the securities market, directly or indirectly or (iii) associating with any securities market intermediary or listed company in any manner or capacity, without prejudice to SEBI’s right to enforce disgorgement.

The directions issued in this Order shall supersede the directions issued vide the ad interim ex-parte Order dated April 27, 2006 in respect of Jayesh P. Khandawala-HUF.

The order shall come into force with immediate effect.

The full text of the order is available on SEBI’s website [ www.sebi.gov.in ]. Members of the Exchange are advised to take note of the same and ensure compliance.

For and on behalf of
MCX Stock Exchange Ltd.

Ruchi Shukla
Senior Manager

MCX Stock Exchange Limited
2nd Floor, Exchange Square, Suren Road, Chakala, Andheri (East), Mumbai - 400 093
Tel.: 022 – 6731 9010 , Fax: 022 - 6726 9576
Website: www.mcx-sx.com, email: customerservice@mcx-sx.com