SEBI keeps its order in abeyance for India Bulls

Mumbai, Apr 28: Stock market regulator SEBI today issued another clarification, sparing India Bulls from the ban on 24 companies notified yesterday, following oral and written submissions made by Indiabulls Securities Ltd Chairman Sameer Gehlaut.

SEBI today clarified that on the basis of oral and written submissions made by Mr Sameer Gehlaut and ''having regard to the balance of convenience in the materiality of circumstances of the case, the ex-parte ad interim order dated April 27, 2006, with regards to the Initial Public Offerings relating to Indiabulls Securities Ltd would be kept in abeyance, subject to verification of clients and until further directions.'' India Bulls scrip took a severe beating today after SEBI's ban, falling by 20 per cent to Rs 248.80.

India Bulls has around 250,000 retail clients.

UNI