Markets regulator Sebi today confirmed its interim order banning three entities in a case related to suspected tax evasion and money laundering through stock trading platforms.
Markets regulator SEBI today confirmed its interim order banning three entities in a case related to suspected tax evasion and money laundering through stock trading platforms.
The entities, Comfort Fincap, Comfort Securities and Comfort Intech, are alleged beneficiaries of preferential allotment scheme, which was created to provide bogus long term capital gains (LTCG) benefits to the allottees.
The Securities and Exchange Board of India (SEBI), through an interim order dated December 19, 2014 had restrained 151 entities including Comfort Fincap, Comfort Securities and Comfort Intech from accessing the securities market till further directions in the matter of First Financial Services.
“The promoters/directors of the noticees that are beneficiaries in the scheme of preferential allotment prima facie employed to provide bogus LTCG benefits to allottees, connection of noticees with exit providers as well as with certain other preferential allottees and the series of other transactions as mentioned in the interim order strongly indicate crucial involvement of the noticees in the scheme/ device/artifice in question,” Sebi said.
In an order passed today, SEBI’s Whole-Time Member Rajeev Kumar Agarwal said these three entities have not been able to make out a prima facie case or show any balance of convenience in their favour for revocation of the interim order passed in December 2014.
Accordingly, SEBI has confirmed the “directions issued vide ad-interim ex-parte order dated December 19, 2014 against the noticees subject to interim reliefs already granted to them.”