The disbursement of reallocation amount to 12.75 lakh investors from the amount disgorged in the matter of IPO irregularities commenced today. The first set of cheques was handed over by Shri Pranab Mukherjee, Hon’ble Finance Minister of India at a function held on SEBI Foundation Day at New Delhi today. The Finance Minister, Shri Pranab Mukherjee initiated the process of disbursement of disgorgement proceeds to investors who have been identified as rightful beneficiaries of the gains recovered from the wrong doers. Describing this as a significant milestone, the Finance Minister said that this is the first time that not only the manipulators are being penalized but the amount recovered is being redistributed to the persons who were deprived of their gains. The Finance Minister expressed hope that this first but significant step will go a long way towards making the investors feel safe and secure while investing in the stock markets.
More details are available here and here.
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