Description

SEBI revokes all directions issued against Ms. Rekha Kurani in the V Marc India Limited IPO irregularities case as her involvement could not be established after detailed investigation.

Summary

SEBI has revoked all directions issued against Ms. Rekha Kurani (PAN: AQCPK5061H) in the V Marc India Limited IPO irregularities matter. The revocation order was issued under Sections 11(1), 11(4), 11B and 19 of the SEBI Act, 1992, after a detailed investigation concluded that her involvement in the irregularities could not be established.

Key Points

  • Ms. Rekha Kurani was initially restrained from buying, selling, or dealing in securities through an ad interim ex parte order dated February 28, 2024
  • The interim order was confirmed on July 26, 2024 with certain modifications
  • A total of 12 entities were initially restrained in the V Marc India Limited IPO case
  • The interim order also directed impounding of wrongful gains and deposit into Escrow/Savings Account with SEBI lien
  • Banks were directed to prevent debits from accounts except for transfers to the Escrow/Savings Account
  • After completion of detailed investigation, SEBI found insufficient evidence to establish Ms. Kurani’s involvement
  • All restrictions against Ms. Rekha Kurani have been revoked with immediate effect

Regulatory Changes

No new regulatory changes. This is a case-specific revocation order that removes previously imposed restrictions on one individual.

Compliance Requirements

  • Stock Exchanges, Banks, and Depositories have been notified to take necessary action to implement the revocation
  • No further compliance obligations for Ms. Rekha Kurani as all directions have been revoked
  • Other entities involved in the V Marc India Limited case (the remaining 11 entities) remain subject to the original orders

Important Dates

  • February 28, 2024: Original ad interim ex parte order issued
  • July 26, 2024: Confirmatory order issued with modifications
  • October 07, 2025: Revocation order issued with immediate effect

Impact Assessment

Individual Impact: Ms. Rekha Kurani can now resume normal securities market activities without restrictions.

Market Impact: Minimal market-wide impact as this affects only one individual in a specific investigation. The order demonstrates SEBI’s commitment to fair enforcement and willingness to revoke restrictions when involvement cannot be established.

Procedural Significance: Illustrates SEBI’s two-stage process of issuing interim protective orders followed by detailed investigation, with appropriate remedial action when evidence is insufficient.

Impact Justification

Order revokes restrictions on a single individual after investigation found no wrongdoing; has minimal market-wide impact and affects only one person in a specific case