Mumbai: Capital market regulator Sebi has ordered defreezing of bank accounts and securities accounts of five entities, so far in August, as it successfully recovered pending dues amounting to over Rs 54 lakh from the defaulters.
Sebi had earlier ordered attachment of bank accounts and demat accounts of Hemant Madhusudan Sheth, Prem M Parikh, Bharat S Thakkar, Dhamaka Trading and Construction and Hemant Kumar Motihar, to recover the penalties imposed on them for violation of capital market norms. In separate release orders issued this month, the market watchdog said it has recovered Rs 33.44 lakh from Hemant Madhusudan Sheth, Rs 7.1 lakh from Prem M Parikh, Rs 6.46 lakh from Bharat S Thakkar, Rs 4.54 lakh from Dhamaka Trading and Construction and Rs 2.57 lakh from Hemant Kumar Motihar.
Together these dues amount to Rs 54.14 lakh. They include interest and other expenses along with the penalties. Stating that it had collected "full and final settlement of the dues" from the defaulters, Sebi directed the banks and depositories - NSDL and CDSL, to defreeze the accounts of the entities. "You are hereby directed to release the bank accounts/ lockers/demat accounts, of the defaulter attached, if any, pursuant to the notice of attachment," the Securities and Exchange Board of India (Sebi) said in the release orders.
Till July-end, the market regulator was able to recover penalties worth nearly Rs 7 crore from several defaulters. Sebi had began passing orders earlier this year to defreeze bank accounts and demat accounts of entities which made the payment of outstanding dues.
The capital markets watchdog began initiating attachment proceedings against defaulters, including individuals and companies, in October last as per the greater powers granted to it through an ordinance promulgated by the government.
Since then, the Sebi has launched nearly 1,400 attachment proceedings for recovery of penalties imposed in as many as 393 cases. These proceedings involve attachment of bank accounts, movable and immovable properties, shares and debentures, among others. The market regulator is looking to recover penalties aggregating to nearly Rs 1,700 crore imposed on various entities.
