GDR manipulation: Sebi slaps Rs 15.1 cr fine on IKF Tech, two others

In a separate order passed on Thursday, Sebi levied a total penalty of Rs 10.25 crore on Beckons Industries Ltd in a matter related to manipulation in issuance of GDR.

Coming down heavily on IKF Technologies Ltd, its two officials and Clifford Capital Partners AG SA for manipulating the issuance of global depository receipts (GDR), markets regulator Sebi has slapped a total fine of Rs 15.1 crore on the firm.

During the course of investigation, Sebi noted that IKF Technologies had come up with GDR issues on two occasions--on March 30, 2007 and May 15, 2009-- amounting to $ 11 million and $ 10.98 million respectively, accoding to Sebi order passed on June 24.

In this regard, Pan Asia Advisors was the book running lead manager for both of GDR issues of