Mallya, Six Others Barred From The Securities Market

The Securities and Exchange Board of India (SEBI) has barred Vijay Mallya and six others from the securities market, reported the Indian Express. They will not be able to buy, sell or deal in securities in any way, directly or indirectly, till further orders. Mallya is accused in a case related to alleged fund diversion from United Spirits Ltd.

The rationale offered by SEBI member S Raman is that “investors might have based their investment decisions on the manipulated books of accounts prepared and presented by these persons” and it was therefore not in the interest of investors and the securities market.

Only recently, Mallya, Kingfisher Airlines and nine others were named by the Central Bureau of Investigation in a chargesheet related to the 2015 loan default case.