G-Life India Developers from raising funds barred by SEBI
The move comes after the regulator took suomoto notice of a newspaper article, wherein it was reported that fund mobilising activity was carried out by G-Life India Developers under the garb of real estate business.
The Securities and Exchange Board of India (Sebi) found that the company was raising money from investors through collective investment scheme (CIS) without obtaining requisite registration from the market regulator. As on March 2015, G-Life India, prima facie, mobilised an amount of Rs 23.5 crore through schemes involving plots of land offered by it, the regulator said in an order.
Among others, the company and its directors have been barred from disposing of or alienating any assets owned or acquired through the money raised. These directions would take effect immediately and would be in force until further orders.