SEBI: SEBI’s major action against Sahara, order to attach bank-demat accounts of company and Subrata Roy.

Securities and Exchange Board of India (SEBI) on Monday ordered attachment of bank and demat accounts of a Sahara group company and its chief Subrata Roy and other officials to recover Rs 6.42 crore from them in connection with violation of regulatory norms in issuance of OFCDs. Gave.

In its order, the Securities and Exchange Board of India (SEBI) said attachment process is being initiated against five persons associated with the Sahara Group in the issuance of Optional Fully-Convertible Debentures (OFCDs). A total of Rs 6.42 crore is to be recovered from him in all items including fine and interest.

The attachment order has been passed against Sahara India Real Estate Corporation (now Sahara Commodity Services Corporation), Subrata Roy, Ashok Roy Chowdhury, Ravi Shankar Dubey and Vandana Bhargava.

SEBI in its notice has directed all banks, depositories and mutual fund entities not to allow withdrawals from demat accounts of any of them. However, these people will be allowed to make deposits in their accounts.

Apart from this, SEBI has asked all the banks to attach the lockers besides the accounts of these defaulters.

SEBI, in its order issued in June last, imposed a total penalty of Rs 6 crore on the Sahara group firm and its four key officials. The fine was imposed on Sahara for raising money from investors by issuing OFCDs in 2008-09. SEBI said that this debenture was issued in violation of its regulatory norms.