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Sebi directive to freeze demat, bank accounts of Kirti Electro

SEBI

Market regulator Sebi has directed attachment of demat and bank accounts of Kirti Electro System for recovering pending dues

SEBIMumbai: Market regulator Sebi has directed attachment of demat and bank accounts of Kirti Electro System for recovering pending dues worth Rs 3.19 lakh.

The dues to be paid by Kirti Electro System includes Rs 2.5 lakh penalty imposed by the regulator in March, 2012 for violating securities law in the matter of Indo Pacific Software and Entertainment.

The Securities and Exchange Board of India (Sebi) in a notice dated July 4 has directed banks to attach all accounts held by Kirti Electro System “either singly or jointly with any other persons”.

Besides, Sebi has asked depositories — NSDL and CDSL — to attach all demat accounts of securities held by the defaulter.

Sebi has also asked banks to attach lockers held by the entities as well as “all other amount/proceeds due or may become due to the defaulters or any other money held or may subsequently hold for or on account of defaulter”.

It has further ordered that while credits into the accounts are allowed, no debit shall be made from the accounts.

Among others, Sebi has also asked for details of the accounts held by Kirti Electro System.

PTI

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