New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Recently SEBI has barred 10 entities from the securities

    markets for up to how many years for being involved in a fraudulent scheme of misrepresenting the company’s financial statements?
    A 1 year Correct Answer Incorrect Answer
    B 2 years Correct Answer Incorrect Answer
    C 3 years Correct Answer Incorrect Answer
    D 4 years Correct Answer Incorrect Answer
    E 5 years Correct Answer Incorrect Answer

    Solution

    SEBI has barred 10 entities, including Bombay Dyeing & Manufacturing Company Ltd and its promoters — Nusli N Wadia, Ness Wadia and Jehangir Wadia — from the securities markets for up to two years and levied a fine totalling Rs 15.75 crore on them for being involved in a fraudulent scheme of misrepresenting the company’s financial statements. Others banned and penalised by Sebi are — Scal Services Ltd, a Wadia Group company, its then directors D S Gagrat, N H Datanwala Shailesh Karnik, R Chandrasekharan, and Durgesh Mehta, who was joint managing director and chief financial officer of Bombay Dyeing. SEBI Headquarters: Mumbai Chairman: Madhabi Puri Buch Bombay Dyeing                          Headquarters: Mumbai                            Chairman: Nusli Wadia

    Practice Next

    Relevant for Exams: