Pan Asia Advisor allowed to file fresh plea against Sebi order

On June 20, 2013, Sebi had barred Pan Asia Advisors and Panchariya for alleged market manipulation

The Securities Appellate Tribunal (SAT) has allowed Pan Asia Advisors and its promoter Arun Panchariya to file a fresh appeal against Sebi's order which has barred the entities from the capital market for 10 years.

On June 20, 2013, Securities and Exchange Board of India (Sebi) had barred Pan Asia Advisors and Panchariya for alleged market manipulation using global securities issued by six Indian companies.

During a plea hearing yesterday, the counsel for the company had submitted with SAT that "he has instructions not (to) pursue the present appeal".

In this background, the tribunal noted that the counsel for the company "seeks and is granted liberty to file a fresh appeal to challenge the impugned order dated June 20, 2013 after seeking fresh instructions from the client".

"With the above said liberty, the appeal stands disposed of," it added.

As per Sebi, Pan Asia Advisors and Panchariya employed fraudulent arrangement with regard to the subscription of global depository receipts (GDRs) and thereafter monetised them through the sale of underlying shares of the GDRs.

The irregularities were observed in the issuance of GDRs of Asahi Infrastructure & Projects, Avon Corporation, Cat Technologies, IKF Technologies, K Sera Sera and Maars Software International.

Earlier in 2011, the two entities were barred from the securities market by Sebi through an interim order.