SEBI bans Pyramid Saimira Theatre for seven years for IPO irregularities
11 November 2009
Pyramid Saimira Theatre (PSTL) has been barred by market regulator Securities and Exchange Board of India (SEBI) forseven years from dealing in securities in any manner whatsoever or accessing the securities market, directly or indirectly, for a period of 7 years.
The regulator's order followed investigations of alleged IPO irregularities.
SEBI said the company colluded with seven persons to allow them to corner shares in its IPO.
According to SEBI, the entities made unlawful gain of over Rs2 crore. It added that investigations have revealed that the names of the seven employees were missing from the company register and the regulator claimed they were all paid in cash.