SEBI defers order against Indiabulls Securities

SEBI has deferred its order banning Indiabulls Securities from participating in the capital market.

The Securities and Exchange Board of India has deferred its order banning Indiabulls Securities from participating in the capital market in the wake of its findings about the role of depository participants in the multi-crore IPO scam.

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The order would be kept in abeyance, pending verification of clients.

"Pursuant to the same and on the basis of oral and written submissions made by Sameer Gehlaut, Chairman, Indiabulls Securities, and having regard to the balance of convenience in the materiality of circumstances of the case, the order would be kept in abeyance subject to verification of clients and until further directions," SEBI informed on Friday.

Indiabulls along with Karvy were among 24 operators who were barred from operating in the stock markets on Thursday in the SEBI's order on IPO scam.

Earlier in the day, Indiabulls had said it would contest the SEBI order, contending it was based on "factually incorrect data".