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MBK Business Development (India) has been restrained by SEBI to raise secured redeemable debentures, equity shares and any securities for violating debt securities regulations and debenture trustee regulations. SEBI in an interim order on Thursday, prohibited the company’s directors, from soliciting money from the public for issuing securities.
SEBI found that MBK had raised funds from thousands of investors through issue of secured redeemable debentures and as a result had “prima facie” violated regulatory norms. The issue came to light when SEBI was scrutinising several applications for debenture issues, MBK being one of them.
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