Securities and Exchange Board of India (SEBI), the Indian stock markets regulator, has imposed a heavy fine of $1.1 billion (INR 72.7bn) on New Delhi-based real estate firm PACL Ltd for illegally raising funds to the tune of INR491 bn from the market. Sebi has further directed PACL Ltd to cough up the fine amount within 45 days from the order date. The fine amount is the biggest penalty so far that SEBI imposed on any company.
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UK Sinha, Chairman of Securities and Exchange Board of India or Sebi, said firms can be creative in their advertisements to attract investors to their IPOs but they must contain all required disclosures.
India's capital markets regulator SEBI said it had been considering regulation changes to safeguard minority shareholders' interest in a company to use funds generated from an IPO aside from what was originally stated on its objectives.
The SEBI will work closely with the PE and venture capital industry in addressing concerns.
Angel investors in India opposed a new three-year lock in rule by Sebi.
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