Mumbai: Sebi barred RDB Rasayans and its directors from the capital market for a period of four years besides asking the firm to utilise funds raised from its initial share sale for purposes disclosed in the prospectus. The Securities and Exchange Board of India (Sebi) found that RDB Rasayans Ltd, a company based in Kolkata, had failed to disclose certain material developments in IPO prospectus and mis-utilising the proceeds from the public issue. The market regulator prohibited Sunder Lal Dugar, Shanti Lal Baid and Sandeep Baid — from accessing the securities market “for a period of four years”.
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