Tuesday, June 22, 2021
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Sebi orders banks to defreeze indvidual bank accounts

Sebi on Tuesday asked banks for defreezing bank and demat accounts of one D V Sekhar as the market regulator recovered Rs 1 lakh due from defaulter.

The Securities and Exchange Board of India (Sebi), on January 15 this year, had attached bank and demat accounts of Sekhar to recover penalty imposed by it for violating securities market norms in the matter of MTZ Polyfilms.
“…the defaulter has paid the entire dues to the satisfaction,” Sebi said on Tuesday.

Consequently, Sebi has directed all banks in the country to release the bank accounts/ demat accounts of the defaulter with immediate effect.

Sebi was recently given powers to recover penalties from defaulters. In March, the president of India had re-promulgated the ordinance for the third time that provides more powers to Sebi including attachment of assets in cases of non-compliance.

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