A 2-year ban imposed on two individuals by Sebi
Owing to non-compliance with the regulator’s previous order pertaining to illegally raising funds from investors, Sebi on Friday imposed a two year ban on two individuals from the securities market.
The two individuals who were banned are Pradeep Kumar Behera and Ravendra Kumar.
Sebi passed the final order against Mass Infra Realty Ltd (MIRL) and its directors for violating the public issue norms back in 2016. The company apparently incurred a whooping Rs 38 crore by issuing Non-Convertible Redeemable Debentures(NCDs) back in 2011-2014 without complying with the norms.
The company was found to be violating Sebi’s Issue and Listing Debt Securities Regulations.
Sebi also found that MIRL hadn’t made the refund to investors as directed previously. The company also did not file any report from the Chartered accountant as per the directives given to them.
Sebi imposed a two year ban on the two individuals who had served as directors of MIRL as on passing of the final order on April 25, 2016.
Writer – Arunima SenGupta