Millennium Post

Sebi orders a/c attachment of 3 entities

The capital market watchdog has to recover Rs 47 lakh from Suman Motels, Rs 4.44 lakh from one Charu Niraj Singhvi and Rs 2.86 lakh from Falgun Finvest. The pending dues include penalties imposed on the entities for violation of securities market norms besides interest and other costs. In orders, 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 that there was 'sufficient reason' to believe that defaulters may dispose of the amounts in the accounts and 'realisation of amount due under the certificate would in consequence be delayed or obstructed'.

The watchdog has ordered banks and depositories to attach 'all accounts by whatever name called of the defaulter, either singly or jointly with any other persons'. Sebi has also asked banks to attach the 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'.
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