The market regulator SEBI sent out over 2,500 attachment notices to several entities in a bid to recover funds from the various defaulters, as over 1,600 entities failed to pay penalties that were imposed on them by SEBI for the violation of different regulations for the fiscal year 2017 ended March, 2017.
The defaulters who failed to pay penalties levied on them include both individuals as well as companies. Some of the default cases date back to more than two decades.
The penalty amounts range from Rs 15,000 to a penalties worth a few lakh of rupees, whereas, come penalties even go up to a few crores.
According to the recent data released by the Securities and Exchange Board of India, a total number of 1,628 defaulters are yet to pay their penalties imposed by the regulator.