Sebi orders attachment of bank, demat accounts of 19 entities to recover penalty amount

By: |
December 22, 2020 7:28 PM

The recovery proceedings have been initiated against the entities after they failed to pay a fine imposed on them for violating securities market norms in different matters.

The fines were imposed by the capital markets watchdog during March 2012 to June 2020 for violating provisions of securities law.

Markets regulator Sebi has ordered attachment of bank accounts as well as share and mutual fund holding of 19 entities to recover a fine totalling Rs 1.2 crore.

The recovery proceedings have been initiated against the entities after they failed to pay a fine imposed on them for violating securities market norms in different matters.

The fines were imposed by the capital markets watchdog during March 2012 to June 2020 for violating provisions of securities law.

The pending dues — Rs 1.2 crore — include the initial fine amount, interest and recovery cost.

In 18 separate attachment notices issued Monday, Sebi asked banks and depositories not to allow any debit from the accounts of these six defaulters. However, credits have been permitted.

Further, the capital markets watchdog has directed the banks to attach all accounts, including lockers, held by the defaulters.

The regulator said there is sufficient reason to believe that the defaulters may dispose of the amounts in the bank accounts and securities in the demat accounts and “realisation of amount due under the certificate would in consequence be delayed or obstructed”.

These defaulters are —Vinodkumar Chotamal Jain, Shilpa Jain, Benu Mimani, Pawan Somani, Parinay Somani, Kamal Baid, Susmita Pathak, Tapan Kumar Dey, Pradip Basu, Kusum Devi Baid, Amaresh Pathak and Samresh Pathak.

In addition, attachment directions have been passed against Shailesh Mulraj, Amit Sehgal, Bijay Kumar Chourasia, Amar Infraprojects, Anandamoy Infraprojects, Bihar Agro Projects and Shridhar Financial Services.

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
1FPIs net investors at Rs 18,456 crore in January so far
2Mcap of 4 of top-10 valued firms jumps over Rs 1.15 lakh cr; RIL biggest gainer
3Markets may remain volatile in holiday-shortened week: Analysts