Mumbai: The Securities and Exchange Board of India has imposed a fine of Rs 1 crore on Wasankar Wealth Management and its five promoters and directors for not complying with the regulator's direction to refund money to investors which were illegally mobilized.
The promoters are Prashant Jaidev Wasankar,Mithila Vinay Wasankar,Vinay Jaidev Wasankar,Bhagyashree Prashant Wasankar and Abhijeet Jayant Chaudhari.
"I am of the opinion that entities violating the directions issued by SEBI seriously compromise the regulatory framework and are detrimental to the interest of the investors in the securities market," Sebi's adjudication officer said.
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