Mumbai, May 8: Stock market players tarred by Sebi for their alleged shenanigans during IPOs are biding their time for a hearing from the regulator.

In its interim order of April 27, the Securities and Exchange Board of India (Sebi) had given the tainted 109 a fortnight ? till May 12 ? to submit in writing their reply to the charges and seek a hearing before the regulator to present their case. Since the order is exparte, in effect this means the named entities have the right to be heard before a final judgment is made.

Sebi in the interim order had barred 24 key operators and their 85 financiers from the capital market due to their “abusive practices” with respect to the initial public offering (IPO) of several companies. Since then Sebi has lifted the ban on one entity ? Indiabulls Securities.

“We have already made our written submission before the regulator and are now waiting for them to give us a date for personal hearing,” said sources from the Karvy Group.

In the meantime, Karvy has obtained a stay order from Andhra Pradesh High Court allowing their present investors to stay with the outfit. The initial oral stay order given by the vacation judge of the Andhra high court was received by Karvy in writing on Friday.

Sebi had postponed its meeting with the representatives of the Karvy Group scheduled on May 5 in Mumbai. Apparently, an e-mail was sent to Karvy informing them that their meeting with Sebi had been postponed till further notice.

“We have made our written presentation to Sebi last week and we expect a hearing early this week. The last date for the submission of written explanation is May 12 and I guess the regulator will give each one a separate hearing after that,” said a Motilal Oswal spokesperson.

On May 4, Gujarat High Court also stayed the Sebi order barring Saumil A Bhavnagari from the capital market.

Saumil A Bhavnagari is one of the 85 financiers in the Sebi report that includes Karvy Stock Broking Limited.

All these financiers of the master account holders have been directed by Sebi to stay away from the securities market, which means they cannot buy, sell or deal in the market, including in IPOs, directly or indirectly, till further directions by the regulator.

According to the details provided in the report, Saumil A Bhavnagari was the key financier for Roopalben Panchal for the initial public issues of Suzlon Energy, FCS Software and Sasken Commtech.

So, till such time as the market regulator gives personal hearing to each of the entities, it needs to be seen what will the final outcome of the order.