Sebi starts proceedings to recover Rs 55,000cr from defaulters

Sebi starts proceedings to recover Rs 55,000cr from defaulters
15/06/2016 , by , in News/Views

Markets regulator Sebi has initiated recovery proceedings against defaulters to collect more than Rs 55,000 crore, largely on account of its clampdown on illicit money-pooling schemes.

Ever since it was given powers in October 2013 to recover penalties and investors’ money collected fraudulently, Sebi has initiated nearly 900 recovery proceedings, of which more than 200 have been fully completed.

The amount involved in these proceedings stands at Rs 55,015 crore, including Rs 52,959 crore in the last financial year. This include a total of Rs 52,912 crore in cases related to collective investment scheme (CIS) and deemed public issues and another Rs 47 crore to recover penalties, reported by PTI.

More than 2,500 attachment notices have been issued during the period under review, including over 600 in 2015-16.

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