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Mumbai, Sept. 18 SEBI has imposed a ten-year ban on Chandigarh-based PGF Ltd (PGFL), a public limited company involved in operating collective investment schemes without SEBI’s approval.

“PGFL has mobilised huge amount of funds from thousands of innocent investors under its schemes,” said a SEBI release.

A SEBI order passed by Mr T.C. Nair, Whole Time Member, SEBI, restrained PGFL, its promoters, directors and persons-in-charge of the business from accessing the securities market either directly or indirectly.

“They have also been prohibited from buying, selling or otherwise dealing in securities, in any manner whatsoever, for a period of 10 years,” the SEBI order said.

PGFL had been earlier also, in 2002, directed by the market regulator neither to collect any money from investors nor to launch any new schemes.

More Stories on : Regulatory Bodies & Rulings | NBFCs

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