The Securities and Exchange Board of India (SEBI) has imposed a ₹50 lakh fine on Sunil Arjan Lulla, the former Managing Director of Eros International Media, over alleged regulatory violations.
This action follows SEBI’s interim order from 2023, which restricted Lulla and four others from trading in the securities market, citing potential fund misappropriation concerns impacting market transparency and fairness.
SEBI Investigation Findings
SEBI’s investigation revealed that Lulla failed to comply with regulatory directives and did not step down from his role at Eros International.
Moreover, he ignored judicial orders issued by SEBI, which the regulator considers a serious violation. According to SEBI, Lulla’s actions showed a disregard for the regulations and for investors’ interests, contravening the imposed trading restrictions.
SEBI’s Action for Market Integrity
On April 22, 2024, SEBI issued a show-cause notice to Lulla, demanding an explanation for his actions. SEBI stated that Lulla’s conduct demonstrated clear defiance of regulatory authority, necessitating strict measures to uphold fairness and transparency in the market.
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