These seven companies had collected money from investors without complying with the public issue norms as the shares were issued to more than 50 individuals.Under the norms, a firm is required to list its securities on the recognised bourse. It is also required to file a prospectus, among other things
Sebi extends auction date for properties of 7 companies to Aug 31 business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
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SEBI Orders Attachment Of Bank, Demat Accounts Of Rhine And Raavi Credits & Holdings, 3 Others
The action has been taken against them after the entities failed to pay the fine imposed on them during May-August 2019 for violating securities market norms in the matter of illiquid stock options.
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Markets regulator Sebi has ordered attachment of bank as well as demat accounts of Rhine and Raavi Credits & Holdings and three individuals to recover Rs 1.21 crore.
The recovery proceedings have been initiated against the entities after they failed to pay fine totalling Rs 1 crore imposed on them in March 2018. The fine was levied as they failed to return investors money as directed by Sebi.