Sebi orders freezing bank, demat accounts of 11 companies
New Delhi: Sebi has ordered attachment of bank as well as demat accounts of 11 companies and seven individuals to recover dues worth over Rs 2 crore for violations of capital market norms.
The firms against which Sebi has passed attachment orders are Trident India, Hindustan Creamics, Lakshya Securities & Credit Holding, SGI Research & Analysis, UP Mineral Products, Mahadev Corp, Mahadev Agro Industries, Chinar Exports, Intecon, Marnite Polycast and Basi Investments.
The pending dues include fines imposed on the companies along with interest and other costs.
The Securities and Exchange Board of India (Sebi) has imposed penalties on these entities for violating various capital markets regulation.
Exercising its powers to recover penalties from defaulters, Sebi has ordered attachment of bank and demat accounts of these 11 companies and seven individuals to recover dues worth more than Rs 2 crore.
In separate attachment orders dated August 28, Sebi has asked banks to attach all accounts including lockers held by the entities.
Similarly, the regulator has directed depositories — NSDL and CDSL — to attach all demat accounts of the defaulters.
Sebi told the banks and the depositories that there was “sufficient reason” to believe that defaulters may dispose of the amounts or securities in the bank and securities accounts respectively and “realisation of amount due under the certificate would in consequence be delayed or obstructed.”
The market regulator 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.