September 13, 2013
PR No. 085/2013

Order in the matter of M/s. KBCL India Limited and its directors

Shri S. Raman, Whole Time Member, SEBI, has passed an order on September 12, 2013 under Sections 11(1), 11(4) and 11B of the Securities and Exchange Board of India Act, 1992 read with Regulation 65 of the SEBI (Collective Investment Schemes) Regulations, 1999 in the matter of M/s. KBCL India Limited. The order directed the company and its directors viz. Mr. Rakesh Kumar, Mr. Vishvnath Pratap Singh and Mr. Shashi Kant Mishra not to collect any more money from investors including under the existing schemes, not to launch any new schemes, not to dispose of any of the properties or alienate any of the assets of the schemes and not to divert any funds raised from public at large which are kept in bank account(s) and/or in the custody of M/s. KBCL India Limited. 
 
M/s. KBCL India Limited was prima facie found to be engaged in fund mobilising activity from public by floating ‘collective investment schemes’ as defined in Section 11AA of the SEBI Act.
  
The company had launched various collective investment schemes without obtaining certificate of registration from SEBI, thus contravening the provisions of section 12 (1B) of the SEBI Act and SEBI (Collective Investment
Schemes) Regulations, 1999.

 
Mumbai

September 13, 2013

For full copy of order against K B C L INDIA LTD., click here.

For full copy of order against RAKESH KUMAR, click here.

For full copy of order against SHASHI KANT MISHRA, click here.

For full copy of order against VISHVNATH PRATAP SINGH, click here.