The Securities and Exchange Board of India (SEBI) passed the first batch of consent orders against 12 accused in the initial public offer (IPO) demat scam.

The regulator said that the 12 applicants in the consent orders were allegedly financiers in the cases related to irregularities in IPOs. A consent order is an agreement between a regulator and the accused, in which a case is settled with a penalty.

The scam related to certain entities cornering IPO shares in 2003-05, reserved for the retail category by using fictitious demat accounts. These demat accounts were ultimately transferred to the financiers through key operators. The financiers made their gains on the first day of listing of these shares.

The applicants have remitted Rs 7.17 million towards the terms of consent in the matter. This amount includes Rs 5.97 million towards refund of the alleged ill-gotten gains and Rs 1.2 million towards settlement charges.

The accused against whom the consent orders have been passed are Neha Narendra Dadia, Dhaval Narendra Dadia, Kiran Dadia, Jasmina J Dadia, Sonal S Dadia, Narendra Harilal Dadia, Jayesh N Dadia, Kashmira Narendra Dadia, Deepak N Dadia Natvarlal N Dadia, Pratik Pulp (P) and Dadia Finvest.

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