Sebi imposes Rs 48.26 lakh fine on individual

In 2009, Securities and Exchange Board of India (Sebi) had directed one Shadilal Chopra to disgorge an amount of Rs 90.03 lakh of unlawful gain made by him from manipulations in the Intial Public Offer (IPO) of Atlanta. The amount was to be paid within 45 days and also included the interest.

However, Chopra failed to comply with the directions and had not disgorged the amount even after a lapse of two years and ten months, Sebi said.

In its latest order dated February 20, the regulator has slapped a fine of Rs 48.26 lakh on Chopra "for his failure to comply with the directions issued by Sebi vide order dated August 10, 2009".

The penalty amount includes simple interest at the rate of 15 per cent per annum on the disgorgement amount for a period of two years and ten months which is Rs 38.26 lakh.

In addition, Sebi has imposed a penalty of Rs 10 lakh for the non compliance with the directions issued by it to pay the disgorgement amount.

Following Sebi's order in 2009, Chopra had approached the Securities and Appellate Tribunal (SAT) which had dismissed his appeal.