Sebi today said Reena Bansal, wife of a former sub-broker with ICICI Securities, will continued to be barred from the capital market for one more year for her involvement in defrauding investors through illicit dealings in shares of many blue-chip companies.
The Securities and Exchange Board of India (Sebi), through an interim order in April 2011, had banned Reena, wife of the late Rajeev Bansal, from the securities market till further orders.
In an order passed today, the regulator "restrained Reena Bansal from buying, selling or dealing in the securities market whatsoever or accessing the securities market, directly or indirectly, for a period of five years..."
Now, Bansal will be barred from the securities for one more year as she has already undergone the debarment for four years.
A preliminary probe by Sebi had found that Bansal had acted as an unregistered sub-broker and dealt in shares of various firms such as the State Bank of India, Reliance Power, Unitech, Ranbaxy, Tata Steel, United Breweries and Infosys Technologies for her clients.
"...Noticee (Bansal), by dealing in securities on behalf of the clients and transferring/receiving money to/from the accounts of various clients, functioned as a sub-broker without obtaining registration from Sebi," the watchdog said.
She has not responded to any of the communications sent by Sebi. Even after the receipt of the interim order, she chose not to act on it.
"The total non-cooperation on the part of the noticee to the instant proceedings can only lead to an adverse inference against the noticee," Sebi added.
