SEBI 25 Lakh Fine On Adel Landmarks
The regulator had received complaints against Adel Landmarks regarding a scheme launched by it for pre-booking of plots, following which it conducted a probe in the mater. During the probe, it was found that the company and its directors engaged in fund mobilizing activity from public, which was in
Published -
Jul 3, 2020 7:08 AM
The regulator had received complaints against Adel Landmarks regarding a scheme launched by it for pre-booking of plots, following which it conducted a probe in the mater. During the probe, it was found that the company and its directors engaged in fund mobilizing activity from public, which was in the nature of a collective investment scheme. In addition, Adel Landmarks had not obtained registration under the CIS norms for fund mobilizing activity from the public, Sebi said. By doing so, the company and its directors violated the provisions of CIS Regulations, the regulator said Accordingly, SEBI imposed a total penalty of Rs 25 lakh on Adel Landmarks Ltd and its directors for mobilizing funds from public through collective investment schemes (CIS) without obtaining registration from the regulator.
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