Fast Track Entertainment case: Sebi orders release of bank, demat ac/s of individual

Markets regulator Sebi has ordered the release of bank and demat accounts and mutual fund folios of one Jignesh Shah after recovering dues of over Rs 1.51 lakh in the Fast Track Entertainment case.

The amount recovered by the Securities and Exchange Board of India (Sebi) from Shah includes "interest and costs towards full and final settlement of demand raised" in December 2014 through an attachment order.

In December 2014, the regulator had attached Shah's bank and demat accounts as well as mutual fund folios to recover Rs 1,50,479.

The attachment proceedings against Shah were initiated after he failed to pay a fine of Rs 1 lakh imposed on him by Sebi in October 2010 for violating capital market norms in the matter of Fast Track Entertainment.

Apart from the initial fine of Rs 1 lakh, the recovery amount also included an annual interest of 12 per cent calculated between October 2010 and December 2014 amounting to Rs 49,479 and a recovery cost of Rs 1,000.

In an order dated July 27, Sebi said it has recovered an amount of Rs 1,51,334 from Shah.

Accordingly, the regulator directed banks, depositories -- NSDL and CDSL -- and mutual funds to "release the bank accounts/ lockers/ demat accounts/ mutual fund folios" of Shah.