In the final order, SEBI upheld its interim order passed against book running lead manager -D&A Financial Services to the public issue of Brooks Laboratories and Dinesh R Kaushik, director of the company
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has restrained merchant banker D&A Financial Services and its director Dinesh Kaushik from taking up new assignments or be involved in new public offers till further orders due to non-compliance with the disclosure norms in Brooks Laboratories' initial public offering (IPO) prospectus, reports PTI.
The final order follows an interim order passed on 28 December 2011 after giving an opportunity to these entities to present their case. In the final order, SEBI upheld its interim order passed against book running lead manager -D&A Financial Services Ltd to the public issue of Brooks Laboratories and director of D&A, Dinesh R Kaushik.
SEBI through its exparte ad-interim order dated 28 December 2011, restrained the D&A Financial Services and its director from taking up any new assignment or involvement in any new public offer from the securities market till further orders.
The regulator said it "confirms the directions issued against D&A Financial Services Ltd and its director Dinesh R Kaushik vide ex-parte ad interim Order dated 28 December 2011 in the matter of Brooks Laboratories."
In its order the regulator, "prohibited D&A Financial Services Ltd and Dinesh R Kaushik, Director of D&A from taking up any new assignment or involvement in any new issue of capital including IPO, follow-on issue, etc from the ecurities market in any manner whatsoever, till further directions."
It further said, D&A was prima facie found to have not made proper disclosure in a timely manner and thereby failed in its responsibility to conduct proper due diligence into the affairs of Brooks.