New Delhi : Sebi on Thursday lifted restrictions on a joint demat account in a case related to alleged tax evasion through stock markets where the regulator had banned 178 entities in May 2015.
Restrictions have been lifted on the demat account jointly held by Murali Shanmugham — against whom action was taken by Sebi in the case — along with his mother. The regulator had barred Pine Animation and 177 related entities, including Shanmugham, from securities market for alleged tax evasion worth Rs 420 crore.
Following the order, the demat account held individually by Shanmugham and another held in the name of his mother Kamala S with Shanmugham as a joint holder were frozen.
While further proceedings were underway, Shanmugham requested for de-freezing of his mother’s demat account as she was not restrained in the interim order.
