Australia too imposes sanctions on officials from Russia, Ukraine

Australia’s actions are in line with sanctions imposed by the European Union and Canada on officials who have been instrumental in the Russian threat to Ukraine sovereignty

Australia on Wednesday slapped financial sanctions and travel bans on a dozen Russian and Ukrainian officials who had been instrumental in Crimea’s annexation with Russia.


Australian Foreign Minister Julie Bishop said the referendum in Crimea could not form any legitimate basis to separate it from the rest of Ukraine.


“International law does not allow one state to steal the territory of another on the basis of a referendum that cannot be considered free or fair,” she said.


Without giving out names, Bishop said the sanctions and travel bans would target 12 people who were instrumental in the latest development.


“The Australian Government will impose targeted financial sanctions and travel bans on those who have been instrumental in the Russian threat to Ukraine sovereignty,” she said.


“Australia has taken these actions in solidarity and support for a rules-based international order.”


Russian President Vladimir Putin added Crimea to Russia’s map, describing the move as correcting past injustice and responding to what he called Western encroachment upon his country’s vital interests.


“The fatal attack on a Ukrainian serviceman in Crimea is to be deplored and underlines the volatility of the crisis that Russia is fuelling,” Bishop said.


“I condemn in the strongest possible terms the use of violence against Ukraine and its citizens,” she added.


She said Australia’s actions are in line with sanctions imposed by the European Union and Canada.


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SEBI bars Karvy Stock Broking for six months in IPO irregularities case

SEBI banned Karvy Stock Brokers from acquiring new contracts, clients and launching new schemes for six months in matter of irregularities in IPOs during 2003-2005

Market regulator Securities Exchange Board of India (SEBI) has barred Karvy Stock Broking Ltd (KSBL) from taking up new assignment, contracts and launching new schemes as well as not to take new clients or customers in respect of its business as a stock broker for six months for involving in initial public offering (IPO) irregularities during 2003-2005.

However, this order would not be given effect for four weeks from the date of its receipt by KSBL, as per a direction of the Securities Appellate Tribunal (SAT).

SEBI found that KSBL was involved in the large-scale irregularities in as many as 21 IPOs during 2003-2005. In its order, the market regulator said, “KSBL failed to maintain high standards of integrity and further indulged in manipulation and malpractices and thereby violated the code of conduct specified in its Broker Regulations.”

In its probe, SEBI noticed certain irregularities with respect to IPO of different companies. Few entities had opened various demat accounts in fictitious (benami) names and acquired the shares of IPOs in the category of retail investors using these accounts. Pursuant to the allotment, these shares were transferred to the demat account of these key operators and from thereon to ultimate beneficiaries, who were the financiers in the process, SEBI said.

In its order, the market regulator said, “It was observed that the ‘Karvy Group’ comprising of - Karvy Stock Broking Ltd, Karvy Consultants Ltd, Karvy Computershare Pvt Ltd, Karvy Securities Ltd and Karvy Investor Services Ltd, had allegedly assisted, aided and abetted the key operators in cornering the shares issued in the IPOs.”

SEBI further observed that KSBL has played an active role in aiding and abetting key operators in their devious scheme of cornering of shares. SEBI enquiry officer in order alleged that, Karvy had nexus with some key operators in facilitating their game plan of cornering of shares in the various IPOs which were meant for the retail category and the sale of those shares.

Earlier, SEBI passed various ex-parte interim orders between December 2005 and April 2006 issuing directions against various entities including those of Karvy group. In June 2008, three entities of Karvy group, including KSBL, appealed before the SAT for asking to pass three separate orders against them, while giving a four-week time for orders to come into effect. KSBL had also sought to settle the case through SEBI’s consent mechanism, but its plea was rejected by the market regulator.




3 years ago

In Padmalaya Telefilms (Studio's) IPO ,I Paid Full Amount, for Sanctioned 200 Shares . Karvy , Hyderabad , has not Issued Share Certificates.

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