SEBI imposes Rs 30 lakh fine in Suzlon IPO case

Market regulator SEBI today debarred one Chandrakant Amratlal Parekh from dealing in the stock market for one year for his alleged involvement in cornering shares meant for retail investors of Suzlon during its IPO.

“Chandrakant Amratlal Parekh (will) be restrained from buying, selling or dealing in the securities market in any manner whatsoever or accessing the securities market, directly or indirectly, for a period of one year,” SEBI said in an order.

SEBI further asked Parekh to pay Rs 30,85,262 within 45 days or else he would be debarred for a further seven years.

Suzlon came out with its initial public offer in 2005.