SEBI issues settlement order to Utkarsh Small Finance Bank
The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank upon the payment of Rs 1.24 crore by the lender.
Sebi has imposed a penalty totalling Rs 40 lakh on Maitreya Plotters and Structures Pvt Ltd and its directors for not complying with the market regulator’s earlier directive.
A fine of Rs 15 lakh has been levied on Maitreya Plotters and Rs 25 lakh on its directors– Varsha Madhusudan Satpalkar and Janardan Arvind Parulekar.
Sebi, in March 2013, had passed an interim order directing Maitreya Plotters and Structures Pvt Ltd (MPSL) and its directors to wind up its existing collective investment schemes and refund the money collected by it within three months. Also, they were barred from diverting any fund raised from public.
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In addition, they were prohibited from collecting any more money from investors through such schemes.
Subsequently, the regulator passed a confirmatory order in September 2014.
Sebi observed that the directors continued to divert funds from the account of MPSL despite a specific restriction being put upon them by way of its earlier order.
Further, it was also observed that the directors of MPSPL have continued to raise funds through the company as well as another group company namely Maitreya Realtor & Construction despite directions issued earlier in March 2013 and interim order in August 2013 and confirmatory order in September 2014.
The regulator, upon further investigation, found that Maitreya Realtor & Construction Pvt Ltd (MRCPL) is a group company of MPSPL. The investors of MPSPL were transferred to MRCPL with the same details so as to continue with the same schemes and continued raising funds in clear contravention of the directions issued earlier by the watchdog.
Accordingly, Sebi penalised them for their non-compliance of its directives.
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