Sebi cautions Vadodara Stock Exchange on land dealings
Sebi cautions VSE after investigations reveal a lack of transparency in deals involving the real estate of the exchange
Mumbai: The Securities and Exchange Board of India (Sebi) has cautioned the Vadodara Stock Exchange Ltd (VSE), after investigations revealed a lack of transparency in deals involving the real estate of the exchange.
According to the Sebi probe, VSE did not exercise enough due diligence in checking if any related party was purchasing the property of the exchange. According to the Sebi order, there were instances wherein property was sold to an entity at a price below what was quoted in the bid document.
In another instance, the chairman of the exchange sold a property at a price lower than that approved by the board.
“The stock exchange is advised to ensure transparency and fairness in its dealings in future and also ensure compliance with all statutory provisions that govern its activities in the securities market," said the Sebi order.
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