Description

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

Summary

SEBI has revoked all interim directions issued against Ms. Rekha Kurani (PAN: AQCPK5061H) in connection with irregularities in the IPO of V Marc India Limited. Following completion of detailed investigation, SEBI could not establish Ms. Kurani’s involvement in the alleged irregularities. The revocation is effective immediately and includes lifting of trading restrictions and impounding directions previously imposed.

Key Points

  • Interim Order dated February 28, 2024 had restrained 12 entities including Ms. Rekha Kurani from securities market activities
  • Original directions included prohibition from buying, selling or dealing in securities market
  • Entities were directed to impound wrongful gains into Escrow/Savings Account with lien in favor of SEBI
  • Banks were instructed to prevent debits from accounts except for transfers to Escrow/Savings Account
  • Confirmatory Order dated July 26, 2024 had confirmed the interim directions with modifications
  • Investigation completed found insufficient evidence to establish Ms. Kurani’s involvement
  • All restrictions against Ms. Kurani revoked with immediate effect

Regulatory Changes

No new regulatory changes introduced. This order revokes previously imposed interim restrictions on one specific entity.

Compliance Requirements

  • Stock Exchanges, Banks and Depositories must be informed of the revocation for necessary action
  • Ms. Rekha Kurani’s trading and market access restrictions lifted immediately
  • Bank account restrictions on Ms. Kurani to be removed
  • Escrow/lien requirements no longer applicable to Ms. Kurani

Important Dates

  • February 28, 2024: Original Interim Order issued
  • July 26, 2024: Confirmatory Order issued
  • October 07, 2025: Revocation Order issued (effective immediately)

Impact Assessment

Minimal market impact as this affects only one individual entity. The revocation indicates SEBI’s investigation concluded without establishing wrongdoing by Ms. Kurani. The underlying investigation into V Marc India Limited IPO irregularities continues for other entities. No broader implications for market participants or regulatory framework.

Impact Justification

This is a revocation order for a single entity where involvement could not be established, affecting only one individual with no broader market implications.