Sebi bars 6 past directors of SRRESBL from raising funds

Sebi said that they have been barred from launching any new scheme, plan or floating any new company

Markets regulator Securities and Exchange Board of India (Sebi) has barred six past directors of Shri Ram Real Estate and Business Solution Ltd (SRRESBL) from launching any new collective investment scheme (CIS).

The six individuals -- Bhuvneshwar Prasad Sahu, Rajesh Kumar Bhagat, Vikram Singh, Man Singh Verma, Hemant Bhagat and Gyan Singh -- were found to have been directors of the company when it had raised money through an illegal money-pooling scheme.

In March 2015, the regulator had directed the company and some of its directors not to collect any fresh money from investors under its existing schemes as well as not to launch any new scheme or plan.

The latest order comes after it was found that the six individuals were also directors of SRRESBL.

Sebi today said they have been barred from launching any new scheme or plan or float any new company to raise fresh money for launching CIS schemes.

They have also been restrained from disposing of any of the properties/assets obtained directly or indirectly through money raised by SRRESBL, the order said.

Sebi has asked them to show-cause as to why suitable actions should not be taken against them for violation of various regulations.

Besides, the six individuals have been asked to provide full inventory of all their assets and properties as well as their permanent account numbers to the regulator.