Free Press Journal

Sebi orders defreezing bank, demat accounts of Labh Share



New Delhi: Capital markets regulator Sebi today ordered releasing bank and demat accounts of Labh Share and Stock Pvt Ltd after recovering dues worth over Rs 5 lakh. The dues include interests, all costs, charges and expenses.

The regulator had earlier ordered attachment of bank and demat accounts of the company to recover the penalties imposed for violation of capital market norms.

In an order passed today, Securities and Exchange Board of India (Sebi) said it has recovered Rs 5,66,918 towards full and final settlement of the dues.

Stating that it had collected the recovery amount from the defaulter, Sebi directed banks and depositories to defreeze the accounts of the entity. The watchdog has “directed to release the bank accounts/ lockers/ demat accounts of the defaulter attached, if any, pursuant to the notice of attachment”.

The markets regulator has been given 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.