Sebi launches criminal prosecution against Kapoor

Markets Bureau
Posted online: Saturday , August 09, 2008 at 01:01 hrs
Updated On: Saturday , August 09, 2008 at 01:01 hrs

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Securities and Exchange Board of India (Sebi) is tightening the noose around erring market participants. The capital market regulator has filed a criminal complaint against Rajeev Kapoor, the Delhi-based proprietor of Imax Equity Research, for violating regulatory norms.

Sebi said in a statement that investigations have revealed that Rajeev Kapoor is a habitual offender and has been operating in the securities market in complete violation of statutory provisions. “Despite restraint orders, penalties and prosecutions launched by Sebi against him, he has not refrained from luring the public, committing fraud and operating as an unregistered portfolio manager”, the regulator said.

Kapoor was soliciting investments from public through misleading advertisements, mass messaging and emails. “The punishment prescribed for these offences is an imprisonment for a term which may extend to 10 years or with fine which may extend to Rs 25 Crore or with both”, Sebi said.

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Sebi launches criminal prosecution against Kapoor

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