Private firm's three directors convicted for not following Sebi rules

Quick Summary:

A court here has convicted a private company and its three directors in an over 23-year-old case under the SEBI Act and Collective Investment Scheme (CIS) regulations, saying they trapped innocent people by promising them unrealistic returns.

Additional Sessions Judge Vandana Jain was hearing a 2001 case against Kisley Plantation Ltd, a company in East Patel Nagar, and its directors against whom SEBI had registered a case.

According to the Securities and Exchange Board of India, the company was running a CIS and raised an aggregate amount of around Rs 2.43 crore from the general public, without registering with the regulatory body, while promising high returns and fiscal incentives.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Securities and Exchange Board of India Regulations Investors Collective Investment Scheme SEBI

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-20 @ 20:16:04 (11 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 382 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23138057

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