Market regulator SEBI from time to time takes many major decisions to bring transparency in the products related to the market and in the interest of investors. On the other hand, talking about ILF&S, the company is already facing many problems including debt.
Sebi imposed fine
SEBI has imposed a fine of Rs 32 crore on IL&FS Securities Services Limited (ISSL), Allied Financial Services Private Limited (AFSPL) and three others. The penalty has been imposed in connection with the alleged fraudulent transfer of mutual fund units of these three companies.
Apart from this, the capital market regulator also issued several instructions against him. SEBI on July 2 ISSL; Two separate orders were issued against IFSPL and its three directors. The regulator did this between February 20, 2017 and February 8, 2019, after conducting a detailed inquiry into the matter.
New customers will not be able to create for 2 years
ISSL is the sanctioning member in the matter while IFSPL is the depository participant. SEBI imposed a fine of Rs 26 crore on ISSL and issued certain directions saying that its order would be subject to any order issued by the Supreme Court.
SEBI has also barred ISSL from acquiring any new customers for two years. This will be subject to certain conditions.
fined them
According to the order of SEBI, a fine of Rs 3 crore has been imposed on AFSPL. Along with this, its managing director Avnish Kumar Mishra has been fined Rs 3 crore, two of its directors – Himanshu Arora – Rs 14 lakh and Jitendra Tiwari – Rs 7 lakh have been fined. In fact, the market regulator SEBI from time to time takes many major decisions to bring transparency in the products related to the market and in the interest of the investors. On the other hand, talking about ILF&S, the company is already facing many problems including debt. At such a time, now after the decision of SEBI, the company will not be able to make any new customers in the mutual fund business for the next two years. Actually the company was planning to expand its mutual fund business. Now she will not be able to carry forward this plan for two years and also will not be able to bring any new business for two years.
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