Mumbai: The Securities and Exchange Board of India (SEBI) has taken strict action against 10 individuals by attaching their bank accounts, shares, and mutual fund holdings in a bid to recover ₹1.25 crore. This move comes after these entities failed to comply with SEBI’s investigation into financial irregularities at Eros International Media Ltd.
In 10 separate orders issued on Thursday and Friday, SEBI named Manisha Kumari Singh, Sutapa Mukherjee, Gourab Ray Chaudhari, Vinod Kumar Agarwal, Sumit Bhoot, Dev Govind Binani, Abhishek Das, Debjit Medda, Anindya Bikas Datta, and Debosmita Ghosh Dastidar as defaulters. These individuals failed to pay the fines imposed on them by SEBI, prompting the regulator to initiate recovery proceedings, as per reports from PTI.
SEBI’s notices direct banks, depositories, and mutual fund houses to freeze debits from the accounts of these individuals while allowing credits. The regulator has also ordered banks to attach any lockers held by these defaulters to prevent asset disposal.
This action follows SEBI’s October 2024 ruling, where penalties totaling ₹2 crore were levied on 17 entities—including the aforementioned individuals—for non-compliance with its investigation. The case revolves around alleged financial mismanagement and irregularities in agreements between Eros International Media Ltd and Spicy Entertainment & Media Ltd, among other related entities.
SEBI justified its decision by stating that there was a risk of these individuals attempting to liquidate their assets, which could delay or obstruct the recovery process. This development underscores SEBI’s firm stance on regulatory compliance and enforcement in the capital markets.
Industry experts see this as another strong message from SEBI reinforcing the importance of cooperation in regulatory investigations, especially in cases of corporate governance violations.
