Sebi directs Vayaa Builder and Developers, its directors to refund illegally mobilised funds

New Delhi, Feb 25 () Markets regulator Sebi on Tuesday directed Vayaa Builder and Developers Pvt Ltd and its directors to refund the money it had illegally mobilised by running an unregistered collective investment scheme.

The company collected a little over Rs 4 crore from investors through different land and plot allotment scheme under the garb of a real estate business, Sebi noted.

The company was carrying on these collective investment schemes (CIS) without obtaining requisite registration from the regulator.

The funds along with returns due to the investors need to be refunded within three months and thereafter a winding up and repayment report has to be submitted to the regulator.

"The noticees are restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities market, directly or indirectly, till the directions for refund/repayment to the investors are complied with... to the satisfaction of Sebi and repayment completion certificate is submitted to Sebi and thereafter for a further period of four years from the date of completion of the refund," Sebi said.

The noticees are Vayaa Builder and Developers and its directors-- Yogendra Bisay and Jitendra Bisay.

The directors have also been restrained from holding position as directors or key managerial personnel of any listed company for four years. SRSRVK