Sebi imposes Rs 48.26 lakh fine on individual
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Sebi imposes Rs 48.26 lakh fine on individual

Last Updated: Thursday, February 21, 2013, 21:25
 
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Sebi imposes Rs 48.26 lakh fine on individual
Mumbai: Sebi has imposed a penalty of over Rs 48 lakh on an individual for alleged non-compliance with the market regulator's orders to disgorge unlawful gains made through fraudulent dealings in IPO of Atlanta Ltd.

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 percent 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.


Thereafter, Chopra had approached the Supreme Court which also set aside his appeal in 2010.

PTI



First Published: Thursday, February 21, 2013, 21:25


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