New Delhi, Mar 30 (PTI) Sebi on Wednesday imposed penalties totalling Rs 8 lakh on five individuals for various violations with respect to funds raised by Tirupati Fincorp Ltd through preferential allotment of shares back in 2013.
The matter pertains to suspected misutilisation of funds raised by Tirupati Fincorp Ltd through preferential allotment of equity shares made in 2013. The period of investigation was from January 5, 2013 to December 24, 2015.
In an order, Sebi imposed penalties ranging from Rs 1 lakh to Rs 2 lakh each on five individuals. While three individuals have to pay a fine of Rs 2 lakh each, the remaining two have to shell out Rs 1 lakh each for violations, including that of listing norms.
Separately, Sebi has passed orders against VRP Capital & Derivative Market Services and its proprietor Vaibhav Ramchandra Patil, and Green Money Solution and its proprietor Arvind Patidar for carrying out unauthorised investment advisory services.
In two separate orders, the watchdog directed them to refund the money received in respect of their unregistered investment advisory activities.
They have also been barred from the securities market for six months from the date of the orders or till the expiry of six months from the date of completion of refunds to complainants/ investors, whichever is later.
Also, they have been asked not to undertake investment advisory services or any activity in the securities market without obtaining a certificate of registration from Sebi as required under the securities laws. PTI RAM ANU ANU
