Sebi imposes Rs 1 cr fine on Alchemist Infra Realty, 4 others for unregistered investment activities

By: |
February 23, 2021 1:38 PM

Markets regulator Sebi has slapped a total fine of Rs 1 crore on Alchemist Infra Realty Ltd and four individuals for illegally mobilising funds from the public through a collective investment scheme.

sebiAs per the order, the company had mobilised funds to the tune of Rs 54.1 crore, Rs 449.41 crore and Rs 1,087.68 crore as on March 31, 2009, March 31, 2010 and March 31, 2011 respectively.

Markets regulator Sebi has slapped a total fine of Rs 1 crore on Alchemist Infra Realty Ltd and four individuals for illegally mobilising funds from the public through a collective investment scheme.

The individuals who have been fined are Brij Mohan Mahajan, Narayan Madhav kumar, Balvir Singh and Chandra Sekhar Chauhan.

In an order passed on Monday, the watchdog said the company and individuals were engaged in fund mobilising activity from the public, which was in the nature of a Collective Investment Scheme (CIS). They had collected money from investors in the name of developing land.

As per the order, the company had mobilised funds to the tune of Rs 54.1 crore, Rs 449.41 crore and Rs 1,087.68 crore as on March 31, 2009, March 31, 2010 and March 31, 2011 respectively.

Sebi’s Adjudicating Officer K Saravanan said the three balance sheet figures on records establish with certainty that the company was carrying out CIS activities atleast in the financial years 2008-09, 2009-10 and 2010-11 while Alchemist was incorporated in the year 2008.

“I note that Alchemist was carrying on unregistered CIS activities at least for three financial years,” he added.

The total fine is payable by them jointly or severally.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Nomura Singapore pays Rs 25.35 lakh to Sebi to settle alleged violation of norms
2India asks OPEC+ to fulfill promise of stable oil prices
3Bitcoin is turning into ‘perfect collateral asset’, says report; 6.25 lakh BTC used as collateral so far