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New Delhi, Dec 18 () Markets regulator Sebi has imposed a penalty of Rs 10 lakh on Magnum Fincom Broking and 22 other entities for cornering the shares reserved for the retail category in three initial public offerings (IPOs).
 The Securities and Exchange Board of India (Sebi) conducted an investigation into the dealing of Magnum and 22 connected entities in the IPO of Kernex Microsystems, Punj Lloyd and ABG Shipyard during the period from November 2005 to January 2006 with regard to the alleged violations of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
 The probe found that Magnum employed a scheme or device of misusing the IPO allotment process by cornering the shares of the three IPOs that were intended for genuine retail allottees, and was aided and abetted by the 22 connected entities.
 Magnum has made a profit of Rs 3.34 lakh by selling the shares received through the IPO allotment, it added.
 Accordingly, the regulator has slapped a fine of Rs 10 lakh to be paid jointly and severally, on these entities.
 In a separate order, the regulator has slapped a fine of Rs 3 lakh on a stock broker Leo Financial Services for failing to maintain segregation of client's funds and misusing these funds.
 By such activity, Leo Financial Services has violated stock brokers' norm.
 In another order, the markets watchdog has levied a fine of Rs 2 lakh on Gretex Corporate Services and Rs 1 lakh on Vatsal Agarwaal for failing to obtain acquisition window for "offer to buy" on the internet-based book building system platform of the BSE before opening of the tendering period and thereby violated SAST (Substantial Acquisition of Shares and Takeover) norms. SP HRS

Sebi imposes Rs 10 lakh fine on Magnum, 22 others for cornering retail investors' shares in IPOs

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Sebi imposes Rs 10 lakh fine on Magnum, 22 others for cornering retail investors' shares in IPOs

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