New Delhi: Roopalben Panchal and Purushottam Dudlani may be the publicly acknowledged bad guys, who pulled the multi-crore IPO scam on unsuspecting market players, but there are bigger bandicoots that are around, says market regulator SEBI.
While naming Roopalben and Purushottam among the 24 key operators, who cornered retail portion of 105 IPOs through off-market transactions, the regulator, in its interim order on the scam, concluded that they were not the ultimate beneficiaries.
"As per the data obtained from NSDL and CDSL, it was seen that the 24 key operators had in turn made off-market transfers to various entities during the pre-listing period," said SEBI.
It reasoned that the transfers were made by the operators to their financiers, one of whom was Roopalben's sister Devangi Panchal.
"Since the financiers have received the shares from the key operators it would appear that these financiers are the ultimate beneficiaries of the IPO abuse," the regulator said, while banning these 'money-lenders' too from trading in the stock market.
In short, SEBI said the likes of Roopalben Panchal and Purushottam Dudlani were nothing but intermediaries for their financiers, "who appear to be the ultimate beneficiaries."
Among the bigger bandicoots (read financiers) barred from the market are Hashmukhal N Vora, Welvet Financial Advisors Pvt Ltd, Jayesh P Khandwala HUF, Gautam N Jhaveri, Excell Multitech Ltd, Zenet Software Ltd, Tauras Infosys Ltd, Seer Finlease Pvt Ltd, Devangi Dipakbhai Panchal (Roopalben's sister), Dipak Jashvantlal Panchal, Shilpa Ranjan Dapki, Rajan Vasudev Dapki and Bhargav Ranchhodlal Panchal.
These financiers had lent money to the master account holders, who used the money to corner retail portion of IPOs by getting shares from other demat account holders in off-market transactions (during the time before the listing of the shares).
These shares were finally transferred to the financiers, who offloaded them soon after the listing for a profit.
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