Sebi cracks whip on Vijay Mallya, imposes fresh restrictions over routing of funds to India using overseas bank accounts
Vijay Mallya News, July 26: Capital market regulator Sebi issued a fresh order in the case of fugitive businessman Vijay Mallya over the routing of funds to the Indian securities market using overseas bank accounts with UBS AG.
Vijay Mallya News, July 26: Capital market regulator Securities and Exchange Board of India (Sebi) on Friday issued an order in the matter of fugitive businessman Vijay Mallya over the routing of funds to the Indian securities market using overseas bank accounts with UBS AG, restraining him from accessing the country's securities market for three years with immediate effect.
The latest Sebi order prohibits Mallya "from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner" during this period.
Sebi also restricted Vijay Mallya from associating himself with any listed company or proposed-to-be-listed company "in any capacity, directly or indirectly".
"During the period of restraint, the existing holding of securities including the holding of units of mutual funds of the Noticee (Vijay Mallya) shall remain frozen," Sebi said in its order.
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