MINISTER OF STATE IN THE MINISTRY OF FINANCE(SHRI NAMO NARAIN MEENA)
(a): Yes, Sir.
(b): A Committee was set up by SEBI under the Chairmanship of Justice D. P. Wadhwa, former
Judge of the Supreme Court of India to advise / recommend the procedure of
identification of persons who have been deprived on account of IPO irregularities and
the manner in which reallocation of shares to such persons should take place.
(c): In pursuance of Wadhwa Committee recommendations SEBI appointed an Administrator who
will be responsible for implementation of recommendations of the Wadhwa Committee and
to undertake the task of disbursement of the recovered amounts to the identified
persons.
(d): Yes, Sir.
(e): The Wadhwa Committee has made recommendations on quantification of the amount of
unjust enrichment, identification of deprived applicants and basis for re-allocation
amongst deprived applicants. SEBI has initiated actions under the SEBI Act and
Regulations there under against entities that were involved in the IPO irregularities to
penalize them and disgorge the ill-gotten gains they had made.
The disbursement to eligible investors from the amount disgorged commenced on
April 12, 2010.
