SEBI has released a list of undetectable culprits


On January 22, 2022, the notice, regulator has asked the culprits to contact the SEBI recovery officer by sending a letter or email. The notices were issued between April 2015 and July 2021, the Securities and Exchange Board of India (SEBI) said in a statement. 

Capital market regulator SEBI on Friday released a list of defaulter entities, including undetected individuals.

SEBI, which has published the details of undetectable defaulters on its website, said the recovery certificates were issued by the regulator’s recovery officer against these institutions. However, these notifications could not be given to the defaulters at their last known address.

 The Securities and Exchange Board of India(SEBI) said in a statement that, The notices were issued between April 2015 and July 2021.

Named after SEBI – MCX Biz Solutions and its proprietor Syed Sadaq; Bharat Vagela, Giridhar J Vagadia, Kalpesh Babaria, Vithalbhai Gajera, Laxminarayan Veeramallu Doosa, Umesh Chowker, Bindu R Menon, Nilesh Palande, Ghanshyam Dayabhai Patel.

Those who failed to repay investors failed to pay the fines imposed by the regulator for various offenses related to the securities market.

In the notice, the regulator has asked the officer to send a letter or email by January 22, 2022, to the culprits to contact the SEBI recovery.

It added that if anyone knows where the defaulter (s) are, they can provide details to the Recovery Officer by January 22, 2022, in a letter … or by sending an email.

In 2017, SEBI directed MCX Biz Solutions and its proprietor Syed Sadaq to repay the money collected from investors after they were found guilty of defrauding investors through false documents. In addition, they were barred from the securities market for 10 years.

The company demanded money from investors by offering huge returns using fake and forged broker registration documents and a name similar to the name of the Exchange Group.

SEBI has the power to recover money from various institutions by transferring money refund orders to investors, diversion of funds disbursed to investors, and levying fees and penalties thereon.

Since the recovery was authorized in 2013, SEBI has initiated recovery proceedings against those who owed a large amount.

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