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SEBI Issues Rs 5 Lakh Recovery Notice In Religare Enterprises Case

Capital markets regulator Securities Exchange Board of India on Friday sent a notice to an individual, asking him to pay over Rs 5 lakh in a case pertaining to indulging in fraudulent trading in the matter of Religare Enterprises Ltd.

The notice came after Mohammad Rashid failed to pay the fine imposed on him by the Securities and Exchange Board of India.

The market watchdog has directed Rashid to pay Rs 5.31 lakh, which includes interest, all costs, charges and expenses, within 15 days.

In the event of non-payment, it will recover the amount by attaching and selling his moveable and immoveable properties.

He will also face attachment of his bank accounts and arrest, SEBI said.

The regulator through an order passed in February 2022, levied a fine of Rs 5 lakh on Rashid.

The regulator observed in its investigation that Rashid created artificial volume in the scrip of Religare during the investigation period by executing non-genuine transactions.

The investigation period was from April to May 2011.

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