Sebi bars Midas Touch Assets, 5 others from securities mkt

Regulator Sebi today barred Midas Touch Assets and Securities Ltd and five individuals from the securities market and directed them to refund money collected illegally from the public.
Among the five individuals, while three -- Soubhagya Kumar Samal, Debasis Prasad Mishra and Swetanshu Sekhar Samal -- are the firm's present directors and the rest -- Nirupama Samal/Thatoi and Swarna Lata Samal -- are former directors.
Besides, they have also been restrained from accessing the securities market for a period of four years from the date of completion of refunds along with interest to investors.
A probe by the Securities and Exchange Board of India (Sebi) had found that the firm had raised funds to the tune of Rs 15.52 crore till March 30, 2011, through the issuance of over 1.55 crore cumulative redeemable preference shares to more than 3,000 investors.

The company had issued shares to over 50 persons which under the rules made it a public issue of securities and hence required a compulsory listing on a recognised stock exchange. The firm was also required to file a prospectus, among others, which it had failed to do.
In an interim order passed in December 2014, Sebi had prohibited the firm and the five individuals from dealing in the capital markets and restrained them from mobilising public funds after prima facie finding that the fund mobilising activity by the firm was in violation of various rules.
According to the fresh ruling, they have also been prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, directly or indirectly.

Sebi also restrained them from associating themselves with any listed public company or any public company which intends to raise money from the public for a period of four years from the date of completion of the refund.