The Securities and Exchange Board of India (SEBI) has imposed a three-year ban on Vijay Mallya from participating in the Indian securities market, effective from July 26. This restriction prevents Mallya from buying, selling, or otherwise dealing in securities, both directly and indirectly. Additionally, he is prohibited from being associated with the securities market in any capacity during this period.
The ban follows an investigation by SEBI, which revealed that Mallya was indirectly involved in trading shares of his own group’s companies. SEBI’s Chief General Manager, Anitha Anoop, stated that Mallya abused regulatory frameworks to conduct these trades in a fraudulent and manipulative manner. According to the findings, his actions were detrimental to investors and aimed at deceiving market participants.
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