SEBI penalizes 32 entities for misusing IPO proceeds

By VARINDIA - 2022-06-01

SEBI penalizes 32 entities for misusing IPO proceeds

Capital markets regulator Securities and Exchange Board of India (SEBI) imposed fines totalling to Rs 2.3 crore on 32 entities for indulging in misutilization of the IPO proceeds in the matter of Midvalley Entertainment Ltd (MVEL).

 

The penalty has been levied in the range of Rs 5 lakh to Rs 20 lakh on the entities, including MVEL. The order came after SEBI received a suspicious transaction report from a financial intelligence unit generated by ICICI Bank.

 

The directors also recklessly omitted to perform their part, which resulted in diversion of IPO proceeds, and did not exercise any due diligence to prevent the offence. It was found that MVEL had deviated from the objects of the issue and has not utilised the IPO proceeds as stated in the draft prospectus.

 

Separately, SEBI levied a penalty of Rs 36 lakh on 12 entities for indulging in manipulating the share prices of Global Securities Ltd. In another order, the regulator slapped fines totalling to Rs 5 lakh each on Abhishek Nidhi, Anand Jain HUF and Amish Chinubhai Shah for indulging in non-genuine trades in illiquid stock options at BSE.


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