Sebi has imposed penalties totalling more than Rs 32 crore on IL&FS Securities Services Ltd (ISSL), Allied Financial Services Pvt Ltd (AFSPL) and three individuals for lapses in connection with alleged fraudulent transfer of mutual fund units of three companies. Besides, the watchdog has passed various directions against them. The regulator has passed two separate orders, dated July 2, against ISSL, and AFSPL and its three directors after it carried out a detailed investigation into the matter for the period from February 20, 2017 till February 8, 2019. ISSL is a clearing member while AFSPL is a depository participant. While imposing a fine of Rs 26 crore on ISSL, a clearing member, and also passing certain directions, Sebi noted that its order would be subject to any order passed by the Supreme Court. Also, enforcement of the liability and the order would be subject to the orders of the National Company Law Tribunal and the National Company Law Appellate Tribunal (NCLAT). These
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Sunday, 4 July 2021
Sebi slaps over Rs 32 crore penalties on IISL, AFSL, 3 individuals
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