SEBI drops charges against Dubai co; continues ban for 2 yrs

Market regulator SEBI on Wednesday said the restrictions imposed on Dubai-based Jermyn Capital from buying and selling shares in stock markets will continue till November 30, 2010, though it dropped the show cause notice issued against the overseas company.

The regulator had earlier in January 2006, banned Jermyn Capital, which was registered as a sub-account of foreign institutional investor Taib Bank, from accessing the equity markets as it did not meet the criteria of `fit and proper person'.

SEBI banned the company from accessing the capital markets because "Huge Hamilton Andrews who managed the operations of the appellant (Jermyn Capital) was a close associate of Dharmesh Doshi who was a close associate of Ketan Parekh."