Security and Exchange Board of India (SEBI) has banned six stock market intermediaries from trading in securities. These 6 intermediaries are accused of manipulations during various IPOs. SEBI has also imposed a penalty of Rs 36.09 crore on them.

SEBI said in its final order revealing names of intermediaries (all Panchal). SEBI notice goes as "Roopalben N Panchal, Devangi Panchal, Dipak Jashvantlal Panchal, Hina Bhargav Panchal, Bhargav Ranchhodlal Panchal and Arjav Nareshbhai Panchal shall not buy, sell or deal in the securities... for three months." This 3 month ban can be extended to 9 years if they fail to deposit penalty to SEBI within 45 days.

These individuals are barred from buying, selling or dealing in security markets. The case is related to IPO issues during 2003-05. These persons are accused of manipulations in IPOs of NTPC, IDFC, TCS etc. Other IPOs which they purchased with wrong names include FCS Software Solutions, Gateway Distriparks, Shoppers Stop, Datamatics Technologies, Nandan Exim, SPL Industries, Dishman Pharma, Nectar Lifescience, Sasken Communication, Amar Remedies, Suzlon Energy and TV Today.

Back in 2009, SEBI issued a show cause notice to six persons for creating thousands of false demat accounts on fictitious names. SEBI said that they even manipulated applications in retail category of several IPOs. Notice also said that they retained small portions of the IPOs, and sold remaining to various financiers in physical market. They and financiers gained by later selling of stocks.