Sebi today ordered release of bank and securities demat of accounts of two entities after it recovered pending dues worth Rs 10.67 lakh from them in cases related to violation of securities market regulations.
The capital market regulator recovered an amount of Rs 7.50 lakh from Shashwat Agarwal, which is 50 per cent of the penalty imposed on him by the regulator.
It also fully recovered pending dues Rs 3.17 lakh from Hotex Company Ltd.
The Securities and Exchange Board of India (Sebi) had ordered attachment of bank and demat accounts of the two entities in July, this year.
In the case of Agarwal, the Supreme Court, in an order dated July 21, had asked Agarwal to pay 50 per cent of the penalty amount imposed by Sebi on him within a month following which the recovery of the balance fine "shall remain stayed".
The order had come after Agarwal had filed an appeal with the apex court.
"In terms of directions of the Supreme Court, an amount of 7,50,000 (50 per cent of the penalty of Rs 15,00,000 imposed by the adjudicating officer) has been deposited by the petitioner on August 19, 2014," Sebi said in a release order.
Accordingly, the market regulator has asked the banks and depositories -- NSDL and CDSL -- "to release bank accounts/ lockers/ demat accounts, etc of the defaulter (Agarwal) attached, if any, pursuant to the...Attachment notice".
The market regulator had to recover a total dues of Rs 17.69 lakh from Agarwal including fine of Rs 15 lakh.
In a separate order, directions "to release bank accounts/lockers/demat accounts" of Hotex Company were given by the regulator.
