Market regulator Sebi has ordered freezing the bank locker of one Mahesh Thanvi to recover penalty worth Rs 32 lakh imposed on him for violating securities norms.
The Securities and Exchange Board of India (Sebi), in March 2012, had slapped the fine on Thanvi for violating securities law in the matter of E Star Infotech.
However, he failed to pay the dues. Sebi, which was recently given powers to recover penalties from defaulters, initiated a recovery proceeding against him.
In a notice to Punjab & Sindh Bank, Sebi has ordered "to attach the locker held by the defaulter either singly or jointly with any other person with your bank".
The bank is also prohibited from allowing the defaulter or his joint holder from operating the locker till further orders.
The direction has been given as Sebi believes that the defaulter may dispose of the assets in the locker and realisation of amount due would in consequence be delayed or obstructed.
