SEBI slaps Rs. 2,423 crore fine on PACL

Regulator SEBI on Thursday imposed Rs. 2,4230000000 fine on PACL Limited and its four directors for illegal fund mobilisation through various schemes that were used by the group to garner over Rs. 49,0000000000 from the public. While the group, which had collected money in the name of real estate projects among other schemes, was asked by SEBI nearly three years ago to refund Rs. 49,1000000000 to the investors, the markets regulator has passed a fresh order to impose a monetary penalty for violation of SEBI’s Prevention of Fraudulent and Unfair Trade Practices Regulations.