SEBI – Rules violation leads Rs 2 lacs penalty for a Plantation Company

YSVK Agro Green Fields & Estate Ltd and its three directors have been fined amounting to Rs. 2 lacs by a  Delhi court for raising huge fund from the public after promising them high returns without prior approval from Securities and Exchange Board of India.

Additional Sessions Judge (ASJ) Pawan Kumar Jain fined the company on a complaint by SEBI, seeking prosecution of the plantation company for not getting prior certificate from it as prescribed by the SEBI Act.

SEBI had alleged that “the company had floated the CIS and mobilised lakhs of rupees from general public, in violation of the provisions of the SEBI Act.

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