Sebi orders attachment of bank, demat accounts of Tatanagar Bricks

Markets regulator Sebi has ordered attachment of bank and demat accounts as well as mutual fund folios of Tatanagar Bricks Limited to recover dues of over Rs 500000. On June 29, the Securities and Exchange Board of India (Sebi) had imposed a penalty of Rs 500000 on the firm. The dues, totalling Rs 5,27,466, include the initial fine of Rs 500000, a 12% per annum interest from the date of the regulator’s June order till December 6 amounting to Rs 26,466 and a recovery cost of Rs 1,000. Sebi has directed the banks to attach all accounts including lockers held by the firm, according to an order dated December 6. Also, the watchdog has directed National Securities Depository Limited and Central Depository Services (India) Limited and all the mutual funds to attach the demat accounts and folios of the company.7200000. Sebi has been given powers to attach properties and bank accounts, among other things, of entities which have failed to comply with the regulators directions involving payment of penalties and other dues.