Sebi slaps Rs 1.81 cr fine on Inventure Growth and Securities, 12 officials

Markets regulator Sebi on Friday slapped a total penalty of Rs 1.81 crore on stock broker Inventure Growth and Securities Ltd and its twelve officials for failing to utilise the initial public offering (IPO) proceeds for purposes as stated in the prospectus.

Sebi conducted an investigation in the IPO of equity shares by the stock broker between August 4, 2011 and August 11, 2011.

The investigation revealed that the stock broker "failed to utilize the IPO proceeds for the purpose as stated in the prospectus, made false statements with regard to raising bridge loans and failed to make disclosures regarding acceptance of deposits under...of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975, in its RHP and Prospectus."
Further, the regulator also found that "the signatories to the prospectus made untrue statement regarding availing of bridge loans and acceptance of deposits by IGSL."