Capital markets regulator Securities and Exchange Board of India (Sebi) on Saturday said it has ordered recovery of over Rs 500 crore from defaulting and erring companies ever since the new search and seizure order was implemented two months ago.
In the past two months that the search and seizure order has been in place,we have passed orders to recover more than Rs 500 crore. We have frozen a whole number of bank accounts, Sebi chairman UK Sinha told a capital markets summit organised by the Indian School of Business.
In a major upgrade of powers given to Sebi,the government had on July 22,allowed the regulator to pass orders like search and seizure,attachment of properties,arrest and detention of defaulters and pass disgorgement directions to recover wrongful gains made in contravention of laws.
MCX-SX protected from NSEL crisis
Mumbai: Sebi Chairman UK Sinha allayed fears of crisis at the commodity bourse NSEL spilling over to MCX-SX,the stock exchange promoted by Financial Technologies,saying that the exchange is ring-fenced from other group firms.
I would like to assure you that we are very conscious that the entity we regulate is thoroughly ring-fenced, Sinha told reporters.