Markets Regulator SEBI imposes Rs 1 Cr penalty on IHI Developers, directors

sebiBy Accommodation Times Bureau


On Friday Securities and Exchange Board of India (Sebi) directed  IHI Developers India and its four directors to pay a penalty of Rs 1 crore, for illegally collecting money from the public by floating various plans for sale and purchase of land.

The firm and the directors engaged in fund mobilising activity from the public through investment contracts by floating or sponsoring or launching collective investment schemes (CIS) without having registration with Sebi, the regulator said.

According to the order, the company allegedly had been raising funds from investors in the name of a sale of land and that it did not have any land in its name. It was mentioned in the complaint that the company was also operating in the name of Imbowers Housing and Infrastructure. Sebi had received a complaint dated October 7, 2011.

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