Description

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

Summary

SEBI has revoked all directions issued against Ms. Rekha Kurani (PAN: AQCPK5061H) through the interim order dated February 28, 2024 and confirmatory order dated July 26, 2024 in the matter of irregularities in the IPO of V Marc India Limited. Following completion of a detailed investigation, SEBI found that Ms. Kurani’s involvement in the irregularities could not be established, warranting immediate revocation of all restrictions imposed on her.

Key Points

  • Ms. Rekha Kurani was one of 12 entities initially restrained from buying, selling or dealing in securities market vide interim order dated February 28, 2024
  • The interim order had directed impounding of wrongful gains and freezing of bank accounts
  • Restrictions were confirmed on July 26, 2024 with certain modifications
  • Post-investigation completion, SEBI could not establish Ms. Kurani’s involvement in the IPO irregularities
  • All directions against Ms. Kurani have been revoked with immediate effect under Section 19 read with Sections 11(1), 11(4) and 11B of SEBI Act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 imposed interim restrictions on a specific individual.

Compliance Requirements

  • Stock Exchanges, Banks and Depositories to take necessary action to lift all restrictions on Ms. Rekha Kurani’s accounts and market access
  • Banks to remove debits restrictions previously imposed on Ms. Kurani’s bank accounts
  • Depositories to restore full trading and demat account access

Important Dates

  • February 28, 2024: Interim order issued imposing restrictions
  • July 26, 2024: Confirmatory order with modifications
  • October 07, 2025: Revocation order issued (effective immediately)

Impact Assessment

Minimal market impact as this order pertains to lifting restrictions on a single individual who was found not to be involved in the IPO irregularities after detailed investigation. The order demonstrates SEBI’s commitment to fair process and willingness to revoke interim restrictions when investigations do not establish wrongdoing. Other entities subject to restrictions in the V Marc India Limited IPO matter remain unaffected by this revocation.

Impact Justification

Administrative order revoking restrictions on a single individual after investigation cleared them of wrongdoing; no broader market impact or new regulatory requirements