Description

SEBI revokes all 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 the matter of irregularities in the IPO of V Marc India Limited. The revocation follows completion of a detailed investigation which found that her involvement in the alleged irregularities could not be established. All trading restrictions, account freezes, and wrongful gains impoundment directions have been lifted with immediate effect.

Key Points

  • Ms. Rekha Kurani was one of 12 entities initially restrained via ad interim ex parte Order dated February 28, 2024
  • Initial restrictions included: prohibition from buying, selling or dealing in securities market directly or indirectly; impounding and depositing wrongful gains into Escrow/Savings Account; bank account freeze except for transfers to Escrow account
  • Interim Order was confirmed via Confirmatory Order dated July 26, 2024 with certain modifications
  • Detailed investigation completed; involvement of Ms. Rekha Kurani could not be established
  • All directions against her are revoked with immediate effect under Section 19 read with Sections 11(1), 11(4) and 11B of SEBI Act

Regulatory Changes

No new regulatory changes introduced. This is a revocation of previously issued interim directions specific to one individual entity.

Compliance Requirements

  • Stock Exchanges, Banks and Depositories to take necessary action to implement the revocation
  • All trading and account restrictions on Ms. Rekha Kurani to be lifted immediately
  • Banks to unfreeze accounts and remove liens marked in favour of SEBI

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

Minimal market impact. This order affects only one individual entity out of 12 originally restrained in the V Marc India Limited IPO irregularities matter. The revocation indicates that after thorough investigation, SEBI found insufficient evidence to continue restrictions against this specific individual. The investigation into other entities and the broader IPO irregularities matter continues separately. Market participants and investors are unaffected beyond the specific individual named.

Impact Justification

Order revokes restrictions on one individual entity after investigation found no evidence of involvement; minimal market impact