As per Sebi’s order, the total liability includes fines, further interest, costs and other charges, making the amount a little over Rs 18.14 crore.Sebi had issued a notice in May this year, directing the notices to pay the dues within 15 days. However, the amount remained unpaid. The regulator subsequently took coercive measures by issuing a seizure order in July.
As part of the move, all demat and bank accounts, as well as mutual fund investments, of the defaulters have been frozen.
Separate instructions have also been issued to banks to restrict access to lockers, preventing any movement or concealment of assets, the order said.
Meanwhile, the Securities Appellate Tribunal (SAT) had in September directed Padamati to transfer 50 percent of the money received, amounting to Rs 1.2 crore, within four weeks. However, Padamati did not comply with the directive. In its latest order, Sebi noted that the amounts that could be realized through transfers from the bank accounts of the defaulters were not sufficient.
Accordingly, the regulator prohibited the defaulters from alienating, transferring, alienating or charging their immovable or movable properties.
“…the defaulters are hereby prohibited from alienating, transferring, alienating or charging any immovable or movable property of the defaulters,” Sebi said in the order.
In December 2024, Sebi restrained seven entities, including Mohd Nasiruddin Ansari, which was carrying out unauthorized investment advisory services in the name of ‘Baap of Chart’, for up to one year.
The regulator also directed the entities — Ansari, Padamati, Tabraiz Abdullah, Asif Iqbal Wani, Golden Syndicate Ventures Pvt Ltd (GSVPL), Mansha Abdullah and Jadav Vamshi — to repay Rs 17.2 crore within three months.
Ansari has a profile on the social media platform
The recommendations, according to Sebi, were made in the form of providing educational training related to the securities market.
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