SEBI IMPOSES 1 CRORE ON ALCHEMIST INFRA REALTY PVT LTD AND FOUR OTHER INDIVIDUALS - CIS

24th Feb 2021

SEBI Slapped 1 crore on Alchemist Infra Realty Pvt Ltd and four other individuals (Brij Mohan Mahajan, Balvir Singh, Narayan Madhav Kumar, and  Chandra Sekhar Chauhan) for illegally mobilizing funds from the public through CIS (Collective investment scheme).

The watchdog said the company and four individuals were engaged in fund mobilizing from the public, like CIS. They collected funds from the public in the name of developing land. SEBI’s Adjudicating officer K Saravanan said that the records on three balance sheet figures establish that the company carried CIS since the financial year 2008. The Company - Alchemist Infra Realty Pvt Ltd was incorporated in 2008 and for three years carried CIS for three years

Author: Papiha Ghoshal