Home / Markets / Stock Markets /  Sebi orders release of Alchemist Infra's demat account
Back

Sebi orders release of Alchemist Infra's demat account

Sebi in March 2017 had ordered attachment of bank, demat accounts and mutual fund folios of Alchemist and its directors for recovery of  ₹1,916 crore raised through illegal CIS. (Mint)Premium
Sebi in March 2017 had ordered attachment of bank, demat accounts and mutual fund folios of Alchemist and its directors for recovery of 1,916 crore raised through illegal CIS. (Mint)

  • The release order is passed in compliance with the directions of Calcutta HC in a illegal investment scheme case
  • Demat accounts of Alchemist’s directors-- Brij Mohan Mahajan and Narayan Madhav Kumar—to remain attached

NEW DELHI : Sebi has ordered release of demat account of Alchemist Infra Realty, the firm allegedly involved in raising over 1,900 crore through unregistered collective investment scheme (CIS).

The release order is passed in compliance with the directions passed by Calcutta high court in December 2018 wherein it had directed to defreeze the demat account of Alchemist Infra Realty, Sebi said in an order dated January 21.

However, the demat accounts of its two directors -- Brij Mohan Mahajan and Narayan Madhav Kumar -- shall remain attached, the regulator said.

The markets watchdog in March 2017 had ordered attachment of bank, demat accounts and mutual fund folios of the firm and its directors for recovery of 1,916 crore raised through illegal CIS after they failed to return the money to the investors.

In 2013, Securities and Exchange Board of India (Sebi) had directed Alchemist and its directors to refund 1,916 crore collected from the investors along with interest after the regulator found that the company was running CIS in the name of real estate business without prior approval from the regulator. 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout