1. Sebi fines Ramel Industries, directors Rs 2 crore

Sebi fines Ramel Industries, directors Rs 2 crore

Markets regulator Sebi today imposed a penalty of Rs 2 crore on Ramel Industries and its four directors for not complying with a directive to return money to investors.

By: | New Delhi | Published: July 7, 2017 6:03 PM
sebi fine, Ramel Industries, investor fraud, llegally mobilised funds, Rameswar Podder, Remendra Mohan Sarkar, Sukanta Deb, Partha Das, Sebi order, Securities and Exchange Board of India, Collective Investment Scheme, unregistered CIS Markets regulator Sebi today imposed a penalty of Rs 2 crore on Ramel Industries and its four directors for not complying with a directive to return money to investors. (Reuters)

Markets regulator Sebi today imposed a penalty of Rs 2 crore on Ramel Industries and its four directors for not complying with a directive to return money to investors. These entities had illegally mobilised funds from public. Sebi, in 2014, had directed the company and its directors — Rameswar Podder, Remendra Mohan Sarkar, Sukanta Deb and Partha Das — to refund the money due to investors within three months as well as wind up the existing Collective Investment Scheme (CIS). These entities had “failed to comply with the directions issued under… Sebi order and carried on as an unregistered CIS…I am of the view that a monetary penalty needs to be imposed upon them,” Sebi Adjudicating Officer Rachna Anand said. “Non-winding up/not refunding of the money collected with returns which were due to the investors … is certainly causing loss to the investors… Further, not heeding towards the directions issued under Sebi order and acting as unregistered CIS is certainly a serious irregularity affecting the interest of numerous investors at large,” she added.

“I cannot ignore the gravity of this matter as no compliance of direction is met till date even after lapse of three years which certainly warrants the maximum penalty,” the adjudicating officer noted. Accordingly, the Securities and Exchange Board of India (Sebi) has levied a fine of Rs 2 crore on these five entities.

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