Sebi Bars Growpital and Directors from Securities Market, Unfreezes Bank Accounts of Individuals
The Securities and Exchange Board of India (Sebi) has barred Farm Tech Silo LLP (Growpital), related entities, and their directors from collecting money from investors and prohibited them from the securities market till further directions.
This action comes after Sebi found that Growpital offered various investment plans to the public in the agricultural sector with claims of fixed tax-free profits.
Sebi has also directed them to cease and desist from floating any collective investment scheme (CIS) and collecting money from partners or investors through existing schemes.
The regulator has barred Farm Tech Silo LLP, related entities, and their directors based on the mobilization of over Rs 184 crore from various sources as of December 31, 2023.
However, Sebi has unfrozen the bank accounts of Growpital's directors Rituraj Sharma, Gayatri Rinwa and Krishna Sharma.
A detailed investigation is in progress, and the ban on the entities will continue till the completion of the proceedings.