Sebi orders attachment of bank, demat accounts of 7 entities
Markets regulator Sebi has ordered attachment of bank and demat accounts of seven entities to recover total dues of about Rs 70 lakh.
New Delhi: Markets regulator Sebi has ordered attachment of bank and demat accounts of seven entities to recover total dues of about Rs 70 lakh.
The pending dues include fine imposed along with interest, charges, expenses and other costs.
Attachment of bank and demat accounts of promoters and directors of Riba Textiles - Ravinder Kumar Garg, Amit Garg, Nitin Garg and Asha Garg - have been ordered to recover dues worth Rs 25,25,055, collectively.
The latest orders came after the entities failed to pay the fine imposed by the regulator for violation of various capital market norms.
Similarly, the regulator has ordered attachment of bank and demat accounts of Sarat Chander Manocha to recover Rs 13,02,479 for violating insider trading norms in the matter of diversified group Lanco Infratech.
An amount of Rs 17,46,205 is to be recovered from Avail Holdings after the firm failed to pay the penalty imposed by Sebi for violation of capital market norms.
In another case, Sebi has passed attachment order for Vishvas Securities to recover Rs 14,17,877, as the firm failed to deposit the fine imposed for violation of stock broker norms and indulging in fraudulent trade practice.
In separate orders, the Securities and Exchange Board of India (Sebi) has directed banks to attach all accounts including lockers held by the entities and has directed depositories - NSDL and CDSL - to attach all demat accounts of the defaulters.
The watchdog has also asked for various details of the accounts held by the entities, including account statements.
Sebi has been given powers to attach properties and bank accounts, among other things, of persons and entities which have failed to comply with directions involving payment of penalties and other dues.