Sebi bans three persons for 7 years for creating sham identities
The Securities and Exchange Board of India (Sebi) has barred three people from the capital markets for seven years for creating sham identities and cornering shares in IPOs at the cost of genuine investors.
Besides, they have been asked to disgorge unlawful gain of about Rs 7 lakh, including interest. Babulal M Dugar, Manoj Kumar Dugar, and Vinod Kumar Dugar are the three persons facing ban.
Sebi received a reference alleging that certain entities possessed multiple permanent account number cards and had opened multiple demat accounts, trading accounts, and bank accounts using forged documents.