Religare Finvest fund reroute: Sebi slaps Rs 60-cr fine on Singh brothers

The Securities and Exchange Board of India (Sebi) on Thursday imposed a penalty of Rs 60 crore on 10 entities in the fund diversion case at Religare Finvest (RFL) — a subsidiary of Religare Enterprises. Erstwhile promoters Malvinder Singh and Shivinder Singh have been asked to pay Rs 10 crore each and barred from accessing the capital market for a period of three years. 

The case relates to alleged siphoning of Rs 2,315 crore from RFL to benefit promoters and connected entities. Earlier, Sebi had passed orders directing RFL to take necessary steps to recover the amount with interest.