Sebi fines MSEI, its MD, CFO for flouting Securities Contracts rules

Capital markets regulator Sebi on Tuesday imposed a penalty totalling Rs 12 lakh on Metropolitan Stock Exchange of India Ltd (MSEI), its managing director Latika Kundu and HR head as well as chief financial officer Saket Bhansali for violating Securities Contracts rules. They have been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. In its order, Sebi found that MSEI during preparation of the books of accounts on a going concern basis failed to provide necessary projections in terms of Indian AS1 (Accounting Standard 1) and failed to seek relaxation regarding Key Management Personnel (KMP). Further, Kundu has failed to follow Standard Operating Procedure (SOP) while appointing employees, failed to designate a few employees as KMP and gave clean chit to the exchange's two officials -- Kundan Zamvar and Kunal Sanghavi, even after knowing the fact that their names were highlighted in anomalies concerning mismanagement in ...

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