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Homechevron_rightBusinesschevron_rightSebi bans Kerala...

Sebi bans Kerala Housing Fin from raising funds from public

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Sebi bans Kerala Housing Fin from raising funds from public
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New Delhi: Capital markets regulator Sebi has barred Kerala Housing Finance from raising fresh funds from the public 'till further directions'.

The move comes after Sebi received a reference from National Housing Bank stating that Kerala Housing Finance raised funds from the public without complying with the regulatory requirements.

A Sebi probe found that Kerala Housing Finance had issued six series of secured redeemable Non-Convertible Debentures (NCDs) labelled A to F to 23,538 allottees and mobilised funds to the tune of Rs 158 crore during 1999-2014.

Further, the company had allotted preference shares to a total of 1,071 investors and garnered Rs 19 crore during 2014-15 and 2015-16.

Since the shares were issued by the firm to more than 50 people, it qualified as a public issue that requires compulsory listing on recognised stock exchanges.

Accordingly, Sebi said, "Kerala Housing Finance shall not mobilise any fresh funds from investors through NCDs or through the issuance of any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions."

The company and its directors/promoters -- G Unnikrishnan Nair, N Krishnan Nair, Komala Unnikrishnan, G Sureshkumar, P Parameshwaran, B Ajithkumar, Shajan P G, R Sukumaran, S Sureshkumar and B Manmadhan -- have been barred from the securities markets.

Also, the company and its directors have been asked to provide a full inventory of all their assets and properties and have been prohibited from disposing of any of the properties or shares without prior permission from Sebi.

The Debenture Trustees -- K Jayaprasad, K Radhakrishnan, Jose Philip, V Ayyappan Nair and Bittu Abraham & Associates -- have been prohibited from continuing with their assignment in the present case and also from taking up any new assignment in a similar capacity.

These directions "shall take effect immediately and shall be in force until further orders."

In a separate case, Sebi has restrained Alexcon Foamcast from accessing the securities market till it resolves all the investor grievances pending against it and obtains registration from the regulator's online complaints redress system SCORES.

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