Clamping down on illegal money pooling activities, Sebi has barred six companies and their top executives from the securities market as well as from soliciting funds from the public.
All of them have also been directed to refund the money collected from investors.
These entities have been restrained for illegally raising funds through non-convertible debentures and redeemable preference shares, among others instruments.
Passing six separate orders, the Securities and Exchange Board of India (Sebi) have asked each of the company and their executives concerned to show cause why action should not be taken against them.
Out of the six companies barred, URO Agro India, Gurukul Project, Multinational Industries, Silicon Projects and Riju Cement had raised funds by way of non-convertible debentures.
Another entity banned is Roofers Capital Management.
Sebi has prohibited URO Agro as well as its 11 present/ past directors and promoters from "buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions".
In the case of Gurukul Projects, apart from the company, eight individuals have also been banned from the securities market.
The watchdog has prohibited Multinational Industries and 12 individuals associated with the company while Silicon Projects and its three past directors have been barred.
With respect to Riju Cement, seven "present/past directors" in addition to the firm have been restrained from the securities market by the regulator.
In the case of Roofers Capital, as many as 16 individuals have been banned apart from the company.
In two separate orders, Sebi has prohibited past directors of Shine India and MARS Agrofarm, two companies which had earlier faced action for raising funds illegally.
Twelve past and present directors and promoters along with Shine India have been barred while four past directors have been prohibited the matter related to MARS Agrofarm.
