Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 3.0
Article rating: No rating
Article rating: 4.5
RSS

News

SEBI imposes Rs 2,423 crore fine on PACL, 4 directors

Author: IANS/Friday, September 8, 2017/Categories: Regulatory

SEBI imposes Rs 2,423 crore fine on PACL, 4 directors

Mumbai - Securities market regulator SEBI imposed a fine of Rs 2,423.16 crore on PACL Ltd and its four Directors for illegally mobilising Rs 49,100 crore under different schemes.

The SEBI said Rs 49,100 crore was mobilised by PACL over 15 years through unregistered collective investment schemes in violation of the Securities and Exchange Board of India Act, 1992, and SEBI (Collective Investment Schemes) Regulations, 1992.

However, the Rs 2,423.16 crore fine is less than what the SEBI had imposed by its order dated September 22, 2015.

The SEBI had imposed a penalty of Rs 7,269.49 crore under SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, to be paid jointly and severally by PACL and its four Directors -- Tarlochan Singh, Sukhdev Singh, Gurmeet Singh, and Subrata Bhattacharya.

But the order was remanded to SEBI by Securities Appellate Tribunal on October 27, 2016, with a direction to the market regulator to pass fresh orders on merit and in accordance with law. 

The SAT said SEBI's Adjudicating Officer should determine the quantum of profits made by PACL.

According to the order, the total amount illegally mobilised by PACL and its four Directors between October 1, 2013, and June 15, 2014, was Rs 2,423.16 crore.

"Though this case deserves imposition of three-fold penalty, as the interest of the investors is paramount, in exercise of the powers conferred upon me under Section 15-I (2) of the SEBI Act read with Rule 5... monetary penalty at least equivalent to the amount mobilised illegally, as set out in Para 19 (l) to (m), i.e. Rs 24,23,16,56,765 is imposed," the Adjudicating Officer said in his order.

The penalty should be remitted within 45 days of receipt of this order jointly and severally by PACL and its four Directors.

Print Rate this article:
No rating

Number of views (290)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free