SEBI also directed banks and depositories not to make any debits in the bank accounts, demat accounts, held jointly or severally, by Blue Chip Corp except after confirmation from the concerned stock exchange
Market regulator Securities and Exchange Board of India (SEBI) impounded the financial assets of Blue Chip Corporation, Nitin Rajaram Narke, Pravin B Darawade, Bhavana Chadha, Milestone Investment, Nitin Narke Investment, Blue Cheap Investment and Blue Chip Investment and directed them not to dispose off or alienate any of their assets.
According to the SEBI Order, banks and depositories are directed that no debits shall be made in their bank accounts/demat accounts, held jointly or severally, by these eight entities except after confirmation from the concerned stock exchange.
The SEBI order adds, the eight entities are directed to provide a full inventory of all their assets whether movable or immovable, or any interest or investment or charge in any of such assets, including details of their all their bank and demat accounts immediately but not later than 7 working days from the date of receipt of these directions.
The eight entities are restrained from accessing the securities market, according to the SEBI Order. They are also directed not to mobilise funds from investors in any manner. They are also directed to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, etc. and any unregistered activity in the securities market.
SEBI had investigated the entities for their unregistered activity with respect to investors in the stock market.