Sebi issues notice to 24 untraceable entities to pay fines

Market regulator had slapped penalties totalling Rs 2.34 crore against 24 companies in 2010.

Seeking to recover over Rs 2 crore imposed as fines,Sebi has issued notices against 24 entities that have been untraceable for about three years since being penalised by the market regulator for various offences.

The market regulator had slapped penalties totalling Rs 2.34 crore against 24 companies during 2010 for alleged delay in dematerialising of securities.

Dematerialisation is the process of converting the physical form of shares into electronic form. The converted electronic data is stored with the depository from where they can be traded.

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In a public notice dated May 5,the regulator said orders issued against the entities could not be delivered on their last known addresses.

Sebi advised the entities to comply with the orders within 45-day from the publication of the notice.

Also,the regulator appealed to the entities,their authorised representatives or anyone having information related to them to contact Sebi.

Sebi had passed orders against 24 companies in 2010 in the matter of delay in dematerlisation of securities.

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Among the companies included Usha India,Bharat Commerce and Industries,Nexus Software and Chicago Software Industries,BTW Industries,G R Magnet,Vishwas Steel and Uniport Computers.

Individually,the regulator had imposed penalty worth Rs 1 crore on Usha India,BTW Industries (Rs 40 lakh),G R Magnet (Rs 12 lakh),Vishwas Steel (Rs 10 lakh) and Uniport Computers (Rs 10 lakh).