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Mumbai, Sept. 3 The Securities and Exchange Board of India has debarred the Mumbai-based firms Mega Millennium Investment Pvt. Ltd and Mega Millennium Securities Pvt Ltd and their directors Mr S. Mahalingam and Mr Pradipta Chaterjee from dealing in securities, as they were found guilty of duping investors of several crore of rupees.

According to SEBI, these firms registered as sub-brokers had borrowed shares from investors under the stock lending scheme, but failed to return them as per the contract.

Mega Millennium Investment Pvt Ltd is a member of the Interconnected Stock Exchange of India while Mega Millennium Securities Pvt is a sub-broker of NSE and BSE.

SEBI had investigated the case following a complaint from two investors from whom they had borrowed shares worth over Rs 2 crore.

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