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Market regulator SEBI has imposed a fine of ₹7,269.49 crore on PACL Ltd and four of its directors — Tarlochan Singh, Sukhdev Singh, Gurmeet Singh and Subrata Bhattacharya — for having indulged in “illegal money mobilisation” under various schemes, on Tuesday.
According to SEBI norms, a person found guilty of indulging in unfair trade practices shall be liable to a penalty of ₹25 crore or three times the amount of profits made out of such practices, whichever is higher.
SEBI observed that a sum of ₹2,686.25 crore was mobilised by PACL between September 1, 2013 and June 15, 2014. The fine is three times the amount mobilised, according to SEBI.
The penalty has to be paid within 45 days.
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