Sebi orders attachment of bank, demat accounts of Sai Prasad Corp

Markets regulator Sebi has ordered attachment of bank and demat accounts of Sai Prasad Corporation and its directors to recover Rs 6150000000 in dues.The company and its directors -- Balasaheb K Bhapkar, Shashank B Bhapkar and Vandana B Bhapkar -- had raised Rs 615.470000000 from investors through illegal collective investment scheme (CIS).The markets watchdog has found that entities failed to comply with an earlier order passed in February that directed them to refund investors' money.Accordingly, Securities and Exchange Board of India (Sebi) initiated attachment proceeding against the defaulters In a notice dated August 25, Sebi has asked banks to attach all accounts, including lockers, held by these entities. Similarly, depositories - NSDL and CDSL - have been directed to attach all demat accounts of the defaulters.The regulator has powers to attach properties and bank accounts, among other things, of persons and entities that fail to comply with its directions involving payment of penalties and other dues.