News: Sebi slaps Rs 25 lakh penalty on Adel Landmarks, directors-01-07-2020

https://realty.economictimes.indiatimes.com/news/regulatory/sebi-slaps-rs-25-lakh-penalty-on-adel-landmarks-directors/76729948

The regulator had received complaints against Adel Landmarks regarding a scheme launched by it for pre-booking of plots, following which it conducted a probe in the mater.

NEW DELHI: Markets regulator Sebi has slapped a total penalty of Rs 25 lakh on Adel Landmarks Ltd and its directors for mobilizing funds from public through collective investment schemes (CIS) without obtaining registration from the regulator.

Rakesh Kumar Gupta, Sumit Bharana, Arvind Kumar Birla, Rashmi Bharana, Sanjay Chawla and Manisha Bharana are the directors who have been penalised.

The regulator had received complaints against Adel Landmarks regarding a scheme launched by it for pre-booking of plots, following which it conducted a probe in the mater.

During the probe, it was found that the company and its directors engaged in fund mobilizing activity from public, which was in the nature of a collective investment scheme.

In addition, Adel Landmarks had not obtained registration under the CIS norms for fund mobilizing activity from the public, Sebi said in an order on Tuesday.

By doing so, the company and its directors violated the provisions of CIS Regulations, the regulator said

Accordingly, Sebi imposed a fine of Rs 25 lakh on Adel Landmarks and its directors, to be paid jointly and severally.

In a separate order, the regulator imposed a total penalty of Rs 4 lakh on four individuals in the matter of Orissa Sponge Iron & Steel Pvt Ltd for their failure to furnish information sought by Sebi through a summons issued to them.