Sebi today ordered defreezing of bank accounts as well as demat securities accounts of Galaxy Broking after the market regulator successfully recovered dues including penalties worth more than Rs 13 lakh from it.
Earlier this year, Securities and Exchange Board of India had initiated action against Galaxy Broking to recover dues from the entity, including penalties and interest for violating capital market norms.
As part of the recovery proceedings, Sebi had ordered attachment of Galaxy Broking's banks and demat accounts.
In a release order today, the market regulator said "an amount of Rs 13,31,170 has been recovered towards full and final settlement of the dues from the defaulter..."
Accordingly, Sebi has asked the banks and depositories "to release the bank accounts/lockers demat accounts etc of the defaulter attached, if any, pursuant to the... Notices of attachment."
Meanwhile, in an adjudication order today, Sebi has imposed a penalty of Rs 2 lakh on Electronica Machine Tools for failing to resolve an investor grievance.
"... The noticee had failed to resolve the long pending investor grievance and thereby violated... The Sebi Act," the regulator said in the order.
