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Sebi ordered defreezing of bank, demat accounts of Gemini Communications

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Capital markets regulator Securities and Exchange Board of India (SEBI) has directed banks and depositories to defreeze the bank and securities accounts of Gemini Communications after it recovered pending dues of over Rs 11 lakh.

As per the press release, SEBI has recovered Rs 11,30,534 from the company towards full and final settlement of dues which included interests, all costs, charges and expenses.

Background:

Last week, SEBI had ordered to attach bank and demat accounts including lockers of the company to recover the penalties worth over Rs 11 lakh imposed for violation of capital market norms. Furthermore, it had also directed the banks to provide details of all the accounts of the firm as well as loan and advances made by the company. The penalty was actually imposed last year.

Why SEBI?

In India, SEBI has been given the powers to attach properties and bank accounts, among other things, of persons and entities which have failed to comply with directions involving payment of penalties and other dues.

Key Points to Remember:

  • SEBI Headquarters – Mumbai
  • SEBI Chairman – Upendra Kumar Sinha