SEBI Bans Vijay Mallya: The stock market regulator Securities Exchange Board of India (SEBI) has banned Vijay Mallya from transacting in the Indian securities market for three years. SEBI has said in its order, Vijay Mallya is banned from accessing the securities market and is also banned from buying, selling or dealing in securities directly or indirectly or from engaging in any form with the securities market for the next three years.
SEBI’s order is implemented immediately
In its order issued on 26 July 2024, SEBI said, Vijay Mallya will not be associated with any listed company or any proposed listed company in any capacity, directly or indirectly, for the next three years from the date of issuance of the order. During this period, Vijay Mallya’s holding of any securities, including units in mutual funds, will remain frozen. SEBI’s order regarding Vijay Mallya has come into effect immediately.
what is the whole matter
SEBI investigated whether Vijay Mallya was indirectly trading in the shares of his own group companies. SEBI Chief General Manager Anita Anup wrote in her order, after looking at all the available facts and evidence, I have come to the conclusion without hesitation that Vijay Mallya violated the framework of FII Regulation and kept doing fraudulent deals in the listed companies of his own group, which was harmful to the investors and was done with the intention of deceiving the market players.
SEBI found in its investigation that Vijay Mallya had found a way to trade in the shares of Herbertson and United Spirits Limited. He had opened several accounts in UBS in the name of different names Bayside, Suncoast and Birchwood of which he himself was the beneficiary. These three entities transferred $ 6.15 million which went to Vijay Mallya.
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