SEBI yet to recover Rs 103 cr penalty from defaulters

PTI Mumbai | Updated on March 12, 2018

Market regulator SEBI is still to recover monetary penalties of over Rs 103 crore imposed on individuals and entities till December, 2010.

According to the Securities and Exchange Board of India (SEBI), the defaulters list covers 864 cases with a total penalty of Rs 1,03,55,34,765.

SEBI issued adjudication orders on these cases between 2002 and 2010 and the concerned individuals and entities were asked to fork out monetary penalties. However, they had defaulted on furnishing the amount till December 31, 2010.

As per the data, 13 of the defaulters were fined at least Rs 1 crore or over. The maximum default of Rs 15 crore was on one Rajkumar Basantani on a case where the adjudicating order came in November, 2008.

Basantani has another defaulter charge against him of Rs 1.35 crore related to a case where the order was passed in April, 2010.

Another big defaulter is Dinesh Chudasama who was asked to pay Rs 1.05 crore while adjudicating the case in August 2004.

The amount of default starts from Rs 10,000 and goes up to crore and above, as per the list. While the penalties were mostly in lower figures during the initial years from 2002 till around 2008, in recent years the trend has changed with adjudication orders being passed with bigger figures.

Published on May 08, 2011

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