In two similar-worded orders, Sebi said it did not find the matter against Raji Raju and her husband Raju Venkatraman a "fit case to impose monetary penalty".
In its orders dated February 28, Sebi observed that the allegations on the couple for distorting market integrity and "price discovery process by manipulating the price of the scrip of Maytas" which lead to fraud and deceit upon the investors in the market "does not stand".
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The regulator had carried out a probe in shares of Maytas from July 17, 2008 to December 16, 2008.
The investigation found that the promoters of Maytas and related entities had outstanding loans with IL&FS group for Rs 385 crore and SICOM for Rs 40 crore.
In lieu of the said loans they had pledged their Maytas shares with IFCI Ltd, SICOM, IL&FS Financial Services, IL&FS Trust Company and Investsmart Financial Services Company within days after Maytas scrip was listed in October 2007 till end of June 2008.
Further, the knowledge of the pledge of the promoter's and related entities' shares was not public and if the closing price of Maytas fell below Rs 400, these pledges would get invoked.
Investigations found that to keep these pledges intact, the only way for the promoters was to ensure that the closing price did not fall below Rs 400.
It was alleged that couple who were portfolio management service (PMS) clients of Spark Capital Advisors had a role in maintaining the price of the shares so that it does not fall below Rs 400.
However, in its adjudication order against the two entities, Sebi noted that "there is no material on record to show that the noticee had any link to the promoters of Maytas or anyone in Spark group".
"It is pertinent to note that the investment decision of PMS clients was taken by Spark Capital in its capacity of portfolio manager for discretionary PMS clients and the noticee had no role to play in investment decisions or placing of orders like time of placing order or execution thereof," it added.