CIS: Sebi fines Maitrya Services, Servehit Housing

Markets regulator Sebi has slapped a total fine of Rs 2.60000000 on Maitreya Services and Servehit Housing and Infrastructure as well as their directors for raising funds from investors through unregistered collective investment schemes (CISs).The regulator has levied a fine of Rs 1.50000000 on Maitreya Services and its directors, besides imposing a penalty of Rs 1.According to the Sebi, Maitreya Services mobilised over Rs 1,3310000000 from nearly 2700000 investors through unregistered CISs. Of this, 11.3700000 investors were yet to be repaid over Rs 2980000000.Besides, the Sebi said that the company failed to comply its order passed in March 2013, wherein it had asked the firm to refund the money, along with interest."The noticees (Maitreya Services and its directors -- Varsha Madhusudan Satpalkar and Janardan Arvind Parulekar) have sponsored and/ or carried on collective investment schemes in violation of...the CIS Regulations and later, failed to comply with the directions passed in the Sebi order dated March 25, 2013," the regulator said in an order passed on November 30.With regard to Servehit Housing, Sebi said that the firm and its directors were engaged in the illegal fund mobilising activity by floating unregistered unauthorised CIS.The company in its submissions admitted of receiving Rs 1.540000000 from the investors."Noticees had solicited subscriptions from gullible investors who appear to belong to remote place in Punjab and Haryana through different schemes during the period from 2009 onwards... Noticees repeatedly solicited subscriptions from public for year 2009 onwards illegally and they have not repaid to the investors who have invested in the schemes," the regulator noted.