Sebi bars ICore E Services from raising public money

Capital market regulator Sebi today barred ICore E Services from raising funds through issuance of securities and also restricted the firm and its directors from the capital markets.
The company is already being probed by SFIO along with West Bengal-based groups such as Saradha and Rose Valley.
The Securities and Exchange Board of India (Sebi), prima facie, found that ICore E Services was mobilising funds from the public without complying with the applicable law through issue of debentures and preference shares with promises of huge returns to investors.
The company had allegedly collected funds to the tune of Rs 45.74 crore during 2009-2010.

Sebi observed that issue was made to over 50 persons which under the rules made it a public issue of securities and hence would require a compulsory listing on a recognised stock exchange. The company was also required to file a prospectus which it failed to do.
In an order passed today, the regulator has confirmed "all the directions issued against ICore E-Services and its promoters/directors, Anukul Maiti, Kanika Maiti, Swapan Kumar Roy, Radhashyam Giri, Tapan Kumar Charterjee, Saral Ranjan Sengupta, Amal Bhattacharya, Chandan Dey and Mahadeb Gayan vide the Sebi order dated July 25, 2014."

Earlier in July, Sebi had barred ICore E Services from mobilising money by issuing securities and had also restricted the firm and its directors from the capital market till further directions.

The capital market regulator directed the company and its directors to cooperate with Sebi in the examination and provide all documents and information sought by Sebi in the matter.
Also, Sebi asked these entities to provide full inventory of their assets as well as details of their bank and demat accounts within 15 days.