Former MP fined Rs 5 lakh for SEBI norms violation

A former Member of Parliament who violated norms set by Securities and Exchange Board of India (SEBI) to raise funds for his housing firm has been fined Rs 500000 by a Delhi court. It refrained from passing a harsher sentence because the convict was 78 years old and did not have a criminal record. H S Hanspal was convicted by Additional Sessions Judge Pawan Kumar Jain on a complaint filed by SEBI. His firm,Oriental Housing Development Finance Corporation Limited was also fined Rs 500000. Four of its former directors were declared proclaimed offenders as they had absconded during the trial.