SEBI bans Dilip Pendse from capital market

The Securities and Exchange Board of India (SEBI) on Monday restrained Dilip S. Pendse, former Managing Director of Tata Finance Limited (FTL), from accessing the capital market and prohibited him from buying, selling or otherwise dealing in the securities market, directly or indirectly, for a period of two years with immediate effect. “The stock exchanges are hereby directed to enable Dilip S. Pendse to square off his existing open positions, if any, in futures and options segment, at the earliest. This order shall be served on all recognized stock exchanges and depositories to ensure that Dilip S. Pendse is not allowed to undertake transactions,” said an order passed by Prashant Saran, Whole Time Member of SEBI. This order was issued following an investigation conducted by the capital market regulator into the dealings of Inshaallah Investments Private Limited in the scrips of Himachal Futuristic Corporation Limited , Tata Engineering and Locomotive Company Limited (presently known as Tata Motors Limited ), Infosys Technologies Limited (Infosys) and Software Solutions India Limited . The complaint was filed by TFL, which alleged certain illegal carry forward transactions in these scrips at the behest of Dilip S. Pendse.