With new powers to crackdown on fraudsters, market regulator Sebi has so far issued 154 attachment notices for recovering more than Rs1,545 crore from defaulters.
Sebi has been armed with more powers with the Securities laws (Amendment) Ordinance, 2013.
After the ordinance, Securities and Exchange Board of India (Sebi) said it has “154 attachment notices towards recovery of Rs1,545.19 crore from various defaulters.”
The watchdog is in the process of ascertaining the amounts available in the bank accounts held by the respective defaulters, it said in a statement on Thursday.Meanwhile, Sebi has initiated nearly 200 attachment proceedings for recovery of investors’ money and unpaid penalties from various defaulters.
The ordinance has given Sebi direct powers to freeze bank accounts, attach properties, conduct search and seizure and initiate recovery proceedings.
To replace this ordinance, the Securities laws (Amendment) Bill, 2013 is expected to be presented before Parliament in the next session. The ordinance has already been promulgated twice, the last being in September.