SEBI bars wilful defaulters

SEBIAt a time when the issue of Vijay Mallya is shaking the country, the Securities and Exchange Board of India has barred wilful defaulters from markets, control of listed firms. The SEBI board approved the curbs at a meeting today. This would help other regulators like RBI to crack down on wilful defaulters.
“No issuer shall make a public issue of equity securities / debt securities / non-convertible redeemable preference shares, if the issuer company or its promoter or its director is in the list of the wilful defaulters,” SEBI said in a release. U K Sinha, chairman, Sebi said the regulations on wilful defaulters will be notified in the next 4-6 weeks. “Any company who is declared wilful defaulter will be barred from raising fresh money from the day Sebi notifies the new rule,” he said.

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