Parsvnath Developers Banned By SEBI: Penalty Of Rs 15 Lakh

TeknikalRaman

Money & Finance

POSTED BY: Ranjeet Kumar PUBLISHED: 3rd July, 22

SEBI has banned Parsvnath Developers for six months and has also penalized the company for breaking listing regulations.

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Parsvnath Developers has to pay a fine of 15 lakhs to SEBI for breaking the regulation.

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In the order given by SEBI it was stated that  Parsvnath Developers will have to pay the fine within 45 days.

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According to SEBi, Parsvnath Developers was not following the AS 7 or accounting standard 7.

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And they also did not made the provision for outstanding amounts in the ledger of contractors and subcontractors.

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Because of the ban Parsvnath Developers cannot access the sicurity market for limited period of time.

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They cannot deal with securities directly or indirectly for the period of six months.

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all these things were said by the regulator, he also added that "This directive is effective immediately."

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