Sebi orders attachments in Indo-Pacific Software case

Market regulator Sebi has ordered attachment of banks and demat accounts of four individuals to recover dues worth nearly Rs 29 lakh in a matter related to dealings in shares of Indo-Pacific Software & Entertainment.
The Securities and Exchange Board of India (Sebi) has to recover dues, including penalties of Rs 8.34 lakh, from Bhavesh Pabari, Rs 7.06 lakh each from Prem Mohanlal Parikh and Hemant Madhusudan Sheth Rs 6.42 lakh from Bharat Shantilal Thakkar.
The individuals had not complied with Sebi summons and had also violated rules related to securities contract.
In four separate attachment orders dated July 8, Sebi has asked banks to attach all accounts, including lockers held by the indivuduals.

Similarly, the regulator has directed depositories - NSDL and CDSL -- to attach all demat accounts of the defaulters.
Sebi informed the banks and the depositories that there was "sufficient reason" to believe that defaulters may dispose of the amounts in the accounts and "realisation of amount due under the certificate would in consequence be delayed or obstructed".

The regulator has also asked banks to attach the lockers held by the entities as well as "all other amount/proceeds due or may become due to the defaulters or any other money held or may subsequently hold for or on account of defaulter".

It has further ordered the banks and depositories that with immediate effect no debit would be made in these accounts until further directions from the market regulator. However, the credits, if any into the account maybe allowed, Sebi said.
The watchdog has also asked for various details of the accounts held by the entities including account statements.
Separately, Sebi has directed attachment of bank and demat accounts of Jignesh N Shah to recover Rs 3.75 lakh pending dues in the case related to IQMS Software.