 Capital markets regulator Sebi on Monday released a list of nine individual defaulters who are untraceable.
The Securities and Exchange Board of India (Sebi) said even though recovery certificates were drawn up against nine individuals by the recovery officer, these notices could not be served on the defaulters at their last known addresses. These notices were issued from June 2014 to November 2021, according to a notice.
The recovery proceedings are initiated against the defaulters, who failed to return the investors' money or failed to pay fines imposed on them by the regulator for various unlawful acts related to the securities market.
Those named by Sebi are-Rajnish Bhanwarlal Jain, Prashant Mulekar, Suleman Sadru Merchant, Naresh Shah, Kaushik Karsanbhai Patel, Varsha Madhusuan Satpalkar & Janardan Arvind Parulekar, Sudhir Nathuram Pawar & Somit Kishanchandra Saxena, Rajnee Rajan Gitaye and Girish Srichand Valecha and Nagma Husain Ahmed Ansari.
In the notice, the regulator has asked these defaulters to contact Sebi's recovery officer by sending a letter or an e-mail by March 29, 2022.
"Further, if any person is aware of the whereabouts of the defaulter(s) detail of the same may be provided by sending a letter to the recovery officer by March 29, 2022", it added.
Sebi has powers to recover money from various entities by way of passing orders for a refund of money to investors, disgorgement of funds to be distributed to investors, and also collecting fees and penalties levied by it. Since getting the recovery powers in 2013, Sebi has initiated recovery proceedings against a large number of defaulters. |
