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ARTICLE · 20 MAY 2004

Star Fund Manager of Alliance Debarred

P H Parekh & Co.
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The Securities and Exchange Board of India (Sebi) passed an interim order on August 9, 2003, debarring Samir Arora, the chief investment officer of Alliance Asset Management Company in India, from participating in the securities markets.

IndiaFinance and Banking
Sandeep Parekh
Sandeep Parekh

The regulator's case against the star fund manager may not be as strong as SEBI, India’s securities regulator would have us believe.

Article previously published in the BNA International publication World Investment Regulation Review Vol 2, Number 9. 

The Securities and Exchange Board of India (Sebi) passed an interim order on August 9, 2003, debarring Samir Arora, the chief investment officer of Alliance Asset Management Company in India, from participating in the securities markets.

Another order, passed on September 24, 2003, confirmed the first one, resulting in the continuance of Arora's bar from the securities industry until further orders.

The order is based on several erroneous applications of the law, and is not logically consistent. At best, it does nothing for the markets in terms of setting the regulatory tone and, at worst, penalises Arora's superstardom rather than a wrongdoing.

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