SEBI bars Mallya from capital market for 3 years

SEBI bars Mallya from market for three years The Securities and Exchange Board of India (SEBI) has barred Vijay Mallya from the securities market for three years for alleged illegal fund diversion from United Spirits. “Vijay Mallya shall continue to be restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly/ indirectly for a further period of 3 years from the date of this order, holding position as director or key managerial person of a listed company for a period of five years from the date of this order,” said an order by SEBI member G. Mahalingam. Incidentally, Mr. Mallya was already barred from the capital market by way of an interim order in January 2017. “In the context of diversion of funds perpetrated in a listed company by way of dubious and concealed financial statements/ projections or false books of accounts, it is inevitable that SEBI should step in and take appropriate action,” SEBI said in its order issued on Friday.