SEBI's major move | Action on Brightcom Group! | Business News

SEBI, an organisation that monitors the activities of the Indian stock market, today, August 23, 2023, while taking strict action against IT sector company Brightcom Group, barred some senior officers involved in the company's management from holding the position of director until further orders. 

What is the whole matter?

Brightcom Group stole crores of rupees. The company did not obtain the funds as a result of the preferential allotment. It is claimed that the money either did not arrive or was repaid in another way. 22 persons received 25.76 crore shares. The allotment rate suggests that Rs 245.24 crore should have arrived. Only Rs 52.51 crore entered the company, whereas Rs 192.73 crore did not. According to SEBI, either did not arrive or returned via another route. Investors had complained to the market regulator about anomalies in the matter. The preferential allocations were granted between fiscal years 20 and 21.