Market Regulator bans Mark Builders, 5 directors from market

By Accommodation Times Bureau

NEW DELHI

Securities and Exchange Board of India (SEBI) has banned Mark Builders & Land Developers Ltd (MBLDL) and its 5 directors for collecting illegally money from investors and directed them to return the money to the investors.

SEBI banned firm and directors for at least four from securities market.

The MBDL raised money from customers via several schemes of booking and development of plots of land, Sebi’s order said.

Sebi in its order said, “MBLDL is carrying on collective investment scheme (CIS) under the garb of allotment/development /sale of plots of land and therefore was required to be registered as mandated under CIS Regulations”.

Only after acquiring necessary registration, a person can launch or sponsor any of CIS and mobilize of the fund from the public.

Sebi said, “MBLDL has not obtained any certificate of registration from Sebi under the CIS Regulations for its fund mobilising activity from the public, for the ‘Schemes’ offered by it”.

It directed the MBLDL and its directors to end up the current CIS and refund money to investors within three months. Within 7 days it has to submit the repayment report to SEBI.

MBLDL and its directors cannot access the securities market till it refunds to investors are complied with and repayment CC is submitted.

Narinder Sharma, Gursharanpreet Singh, Kuljeet Kaur, Sarabjit Singh and Gurnek Singh are the directors of MBLDL.

For 4 years from the date of the order, the directors are banned from holding any key post in any of listed company.





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