He was involved in fraudulent dealings in Aurobindo Pharma shares.
The case relates to Sebi probe into trading by Indiabulls Securities in 2008-09.
Income Tax officials visited three out of the 129 offices of Indiabulls Securities Ltd, as part of a survey being carried out to track investors who traded 'penny stocks'.
The board of directors has considered the proposal entailing the demerger of Indiabulls Securities on a going concern basis and plans to list the resulting entity after the demerger, Indiabulls Financial informed the Bombay Stock Exchange.
Sebi had last year banned Indiabulls from carrying out trades but the order was kept in abeyance till completion of the inquiry.
Shares of Indiabulls Real Estate fell by over 12 per cent, Indiabulls Financial Services by 11 per cent, Indiabulls Power Ltd by 11.8 per cent and Indiabulls securities by about five per cent.
Profits of domestic brokerages fell substantially in the quarter ended March 31, thanks to subdued participation of retail investors and continued increase in the share of the low-margin options segment in the overall market volume.
After the preliminary examination, the market regulator found that certain entities, including Indiabulls, had executed irregular and non-genuine trades.
The BSE mid-cap Index will include shares of Allied Digital Services, Cals Refineries, Century Plyboards, Gammon Infra, Hindustan Oil Exploration, Indiabulls Securities, Jai Balaji Industries, Jet Airways, Jindal Drilling, Puravankara Projects, Rain Commodities, S Kumars Nationwide, Shriram City Union Finance, Thermax and Thomas Cook India.
The F&O segment has been attracting huge volumes in recent months, with the average daily turnover above Rs 40,000 crore on the National Stock Exchange.
Karvy DP, which is already busy tackling a ban slapped on it by the Securities and Exchange Board of India, is now busy warding off campaigning to poach its clients.
Last year, Nikhil Kamath and his brother Nithin jettisoned into a club of the country's 100 wealthiest with their net worth pegged at around Rs 24,000 crore
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