Market regulator SEBI has barred nine people from trading in the securities market for a year for allegedly colluding to make a failed public issue appear as successful, thereby denying refund to retail investors. They created circumstances in which the retail investors got trapped. Had the issue failed, the innocent retail investors at least would have got the refund of their subscription, SEBI said in an order. It said these nine people bought 53 per cent of the shares issued by Consortex Karl Doelitzsch (India) Ltd, earlier known as Andhra Pradesh Power Tools Ltd. The issue opened for subscription on January 22, 1996 and closed on February 1, 1996.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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