http://disqus.com/by/atulshah/enSat, 25 Jul 2009 05:39:32 -0000http://www.suchetadalal.com/?id=27b95f66-5f0c-a05b-4a5da302cfb7&base=sections&f&t=Will+Anyone+Question+the+Regulators%3F#comment-13308003<p>The so-named IPO scam is another instance. SEBI claims that it had put in place a tried and tested IPO allotment Process. Still, the irregularities noted took place repeatedly in 21 IPOs over a period of two years under SEBI's nose. Banks of repute failed in adhering to KYC-AML guidelines. DPs similarly failed in adhereing to KYC guidelines prescribed by SEBI. Merchant Bankers and Registrars to an Issue failed to weed out multiple and fictitious applications. SEBI failed to prescribe appropriate guidelines in the matter of weeding out of multiple applications to MBs and RTIs post SEBI Board's decision to adopt recommendatiosn made by J. R. Varma Committee report. And to top it up, SEBI has removed all the restrictions on these SEBI regulated Market Intermediaries i.e. private sector gate-keepers/ watchdogs. And to save its public image, SEBI is adopting arms twisting measure of dwarfs named key operators and financiers. Besides, is SEBI going to use the amounts collected as 'disgorgements' to make appropriate restitution to affected investors? </p>atulshahSat, 25 Jul 2009 05:39:32 -0000