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Tuesday, January 17, 2012

As part of the nationwide crackdown on Initial Public Offerings (IPO), the Securities Exchange Board of India (SEBI) has barred Tijaria Polypipes (TPL) as well as several individuals and stock brokers from accessing the securities market

Earlier, SEBI had received a complaint alleging insider trading and artificial volumes had caused huge losses to retail investors. An investigation exposed a shocking tale of manipulation and deceit through the collusion with certain retail and qualified institutional buyers (QIBs). The three QIBs—Sparrow Asia Diversified Opportunities Fund, Credo India Thematic Fund (CREDO), and IPRO Funds were clearly allowed to exit the stock on listing day at a premium to the issue price. They had exited at an average price of Rs.62 per share, while the stock closed at Rs18.10 towards the end of the day

Indian IPO Blog Insights had recommended a clear avoid to the issue. Click here to read Indian IPO Blog Insight on the IPO

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