Sebi detains Pyramid Saimira promoter; releases him later

May 26 2014, 20:10 IST
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Sebi had detained Saminathan today in its Chennai office and had asked him to come out with detailed proposal for payment of dues Sebi had detained Saminathan today in its Chennai office and had asked him to come out with detailed proposal for payment of dues
SummarySebi had detained Saminathan today in its Chennai office and had asked him to come out with detailed proposal for payment of dues

based on which the defaulter has been released".

In March, the president of India had re-promulgated the ordinance for the third time that provides Sebi with powers to detain and arrest defaulters, among others.

The long drawn case has seen Sebi penalising Saminathan for multiple violations, including non-compliance with disclosure norms and for indulging in fraudulent trading activities.

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