Latest News | Sebi Slaps Rs 40 Lakh Fine on Entity, Six Individuals

New Delhi, Feb 9 (PTI) Markets regulator Sebi has imposed a Rs 40 lakh fine on Shri Ram Real Estate & Business Solutions and six individuals for illegally raising funds from the public through collective investment schemes.

Sebi has found that the entity and individuals were engaged in fund mobilising activity from the public, which was in the nature of collective investment schemes.

The schemes offered by Shri Ram Real Estate & Business Solutions Ltd (SRE&BSL) are investment schemes in the garb of 'purchase and development of plot and land', Sebi said in an order passed on Monday.

Further, it was observed that the entity had not obtained registration under the CIS norms.

Also, SRE&BSL had mobilised funds to the tune of at least Rs 12.01 crore from at least 383 investors under its various schemes during the financial years 2008-2009 to 2013-2014, the order noted.

The fine on the company and individuals, who were the directors at the time of fund mobilisation, is payable jointly or severally.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)