Nifty99000 100%

Sensex99000 100%

Article rating: 4.3
Article rating: 4.1
Article rating: 4.3
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: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 4.0
Article rating: No rating
Article rating: 3.0
RSS

News

Sebi bans Emerging India Infra, directors from securities markets for 6 yrs

Author: PTI/Friday, October 26, 2018/Categories: Regulatory

Sebi bans Emerging India Infra, directors from securities markets for 6 yrs

New Delhi - Sebi on Thursday barred Emerging India Infra and its four former and present directors from the securities markets for at least six years and directed them to refund investors' money raised through illegal collective investment schemes (CIS) within three months.

The regulator had in June 2015 through an interim order barred the company and its directors from raising fresh capital from the public after it prima facie held that the firm was running CIS without obtaining registration from Sebi.

In its final order, Sebi concluded that the firm was running CIS without registration and found that it collected "at least" Rs 11.27 crore from 2,554 investors during 2010-11 through its "sale of plots" scheme.

"The scheme/plan offered by Emerging India Infra Ltd (EIIL) is a 'collective investment scheme'. It is also observed that such fund mobilizing activity by EIIL was without obtaining a certificate of registration from Sebi, contravening CIS  Regulations," Sebi's Whole Time Member, Madhabi Puri Buch said.      

Accordingly, Sebi barred EIIL, its present directors Gurpreet Singh Sidhu and Gurlal Singh for six years and former directors Prashant Sharma and Shri Harminder Singh for four and six years, respectively from the date of completion of refund.

Moreover, the directors "shall be restrained from holding positions as directors or key managerial personnel of any listed company", Sebi said.

The capital market watchdog also asked the entities not to dispose of any of their properties except for the purpose of making refunds to the investors. 

In case of failure to refund the investors' money, recovery proceedings will be initiated by the regulator against the entities, the Securities and Exchange Board of India (Sebi) said.

Print Rate this article:
No rating

Number of views (224)/Comments (0)

rajyashree guha

PTI

Other posts by PTI
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