Sebi has ordered attachment of bank as well as demat securities of accounts of three entities to recover dues worth more than Rs 40 lakh in cases related to violations of the capital market norms.
The Securities and Exchange Board of India (Sebi) has to recover a sum of Rs 22.50 lakh from Mercury Fund Management, Rs 15.26 lakh from Imtihaan Commercial and Rs 2.55 lakh from Hemant Kumar Motihar.
Sebi had imposed penalty on Mercury Fund in 2011 for violating disclosure norms in matter related to Gennex Laboratories.
The fine on Imtihaan, a promoter of Ramsarup Industries, was slapped for insider trading in shares of the company.
Besides, the watchdog had levied the penalty on Motihar for violating disclosure norms with respect to transactions in shares of Sarda Plywood Industries.
In three separate attachment orders, the Securities and Exchange Board of India (Sebi) has asked banks to attach all accounts including lockers held by the three entities.
Similarly, the regulator has directed depositories - NSDL and CDSL -- to attach all demat accounts of the defaulters.
Sebi told the banks and the depositories 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".
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".
It has further ordered the banks and depositories that with immediate effect no debit would be made in these accounts until further directions from the market regulator. However, the credits, if any into the account maybe allowed, Sebi said.
The watchdog has also asked for various details of the accounts held by the entities including account statements.
