Sebi revokes market ban on individual in Ricoh India case

New Delhi, Mar 16 () Sebi on Monday revoked the market ban imposed on an individual in the Ricoh India matter, wherein the watchdog had taken action against various entities for alleged accounting fraud.

The restrictions on Bibek Chowdhury have been revoked after a forensic audit report did not find any involvement of Chowdhury in the fraud.

Chowdhury was restrained from accessing the securities market or buying, selling or otherwise dealing in the securities market in any manner whatsoever, either directly or indirectly, till further order.

As per a Sebi order, dated August 16, 2018, Chowdhury was with Operations Audit Group (Internal Audit) Head for FY 2015-16 at the time of alleged violations at Ricoh India.

In the Ricoh India matter, Pipara & Co had submitted the Forensic Audit Report (FAR) in October 25, 2019.

"As per the findings of the FAR, no evidence was found regarding the noticee's (Bibek Chowdhury) involvement in the fraud committed in the matter of Ricoh India Limited.

"Accordingly, the directions of prohibition / restraint issued against the noticee vide the interim order and confirmed vide the confirmatory order need to be withdrawn," Sebi said on Monday.

The restrictions that were imposed by way of the interim order dated February 12, 2018 and the confirmatory order issued on August 16, 2018 have been revoked with immediate effect, it added. RAM ANUANU