Sebi fines Vistra ITCL Rs 5 lakh for violating debenture trustees norms

Markets regulator Sebi Friday imposed a penalty of Rs 5 lakh on debenture trustee Vistra ITCL India (formerly known as IL&FS Trust Company) for lapses in a fund raising case relating to Pincon group firm LRN Finance. The regulator in an order said, ITCL was appointed as debenture trustee for non-convertible debentures (NCDs) issued by the LRN and Rs 27 crore was raised from 4,178 investors in 2012 in a private placement. In a separate order, Systematix Corporate Services settled a case with regulator Sebi regarding disclosure lapses after it paid Rs 5 lakh towards settlement charges The entity had filed applications to settle the proposed adjudication proceedings for the delayed compliance of disclosure norms as required under SAST (Substantial Acquisition of Shares and Takeover) Regulations.

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