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Business News/ Market / Stock-market-news/  Sebi employees barred from auction of defaulter properties
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Sebi employees barred from auction of defaulter properties

Sebi amends Employees' Service Act that bars employees from auctions of defaulter properties following recovery proceedings

Sebi has the power to auction defaulter properties in order to recover money of investors. Photo: Abhijit Bhatlekar/MintPremium
Sebi has the power to auction defaulter properties in order to recover money of investors. Photo: Abhijit Bhatlekar/Mint

New Delhi: Markets regulator Securities and Exchange Board of India (Sebi) has barred its employees from participating in an auction conducted by it for sale of movable and immovable properties of defaulters following recovery proceedings.

“No employee shall participate, either directly or indirectly, in an auction conducted by the board for sale of movable or immovable properties in pursuance of recovery proceedings initiated," Sebi said in a notification. For this, Sebi has amended the Employees’ Service Act and the new norm has come into force from 27 April, it added. Sebi is empowered to recover money from persons who fail to pay the penalty imposed by adjudicating officers or fail to comply with any direction of the board for refund of money or any violation of the disgorgement order.

The regulator has the power to attach bank accounts, lockers, shares and debentures, among others of the defaulter. Also, it can auction the properties of the defaulters in order to recover money of investors.

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Published: 28 Apr 2017, 09:24 PM IST
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