Market regulator Sebi has ordered release of bank and demat accounts of one Jai Kishan Lakhmani in a case of illegal trading in Veritas India stock after recovering pending dues of over Rs 12 lakh.
In August 2014, the watchdog had slapped a fine of Rs 10 lakh on Lakhmani for indulging in fictitious trades in the Veritas India shares through its broker Religare Securities.
The dues include initial fine, interest and other costs.
While trading in the shares of Veritas, Lakhmani had placed the orders at prices much higher than the LTP (last trading price) which had resulted in increase in the price of the scrip.
"Sebi has recovered Rs 12,73,548, which includes interest and costs from the defaulter (Lakhmani) against full and final settlement," the regulator's recovery officer, Manjesh S Roy, said in a latest order.
In a separate case, the Securities and Exchange Board of India (Sebi) has ordered attachment of bank and demat accounts of Partap Steel Rolling Mills to recover pending dues worth nearly Rs 6 lakh, including interest and other costs.
The latest order comes after the firm failed to pay the fine imposed by the regulator in December 2015 for not complying with Sebi's complaint redressal system, SCORES.
In an order dated February 2, the regulator has directed attachment of bank and demat accounts of Partap Steel to recover Rs 5,81,753. The watchdog has also asked for various details of the accounts held by the firm, including account statements.
Disclaimer: No Business Standard Journalist was involved in creation of this content
