Sebi Slaps Penalties on 17 Entities Over Eros International Probe

SEBI has imposed penalties totaling Rs 2 crore on 17 entities for failing to comply with an investigation related to financial irregularities and mismanagement in Eros International Media Ltd. SEBI criticized the entities for not providing complete and timely documentation, hampering the probe's progress.

On Tuesday, the Securities and Exchange Board of India (SEBI) imposed penalties amounting to Rs 2 crore on 17 entities. The penalties were levied due to the entities' non-compliance with an investigation and their failure to provide complete and timely information in the case involving Eros International Media Ltd. (EIML).

Each entity was fined Rs 12 lakh, with the total amount due within 45 days, as per SEBI's order. The investigation centers on alleged financial mismanagement between EIML and Spicy Entertainment & Media Ltd. (SEML), along with affiliated parties.

SEBI's order highlighted repeated failures by several noticees to cooperate fully with the investigation and provide necessary documents, despite multiple summonses. In June 2023, SEBI issued an interim order barring five entities, including EIML, from securities markets based on initial findings, a decision confirmed in October 2023.

(With inputs from agencies.)