DLF IPO disclosure case: SEBI imposes Rs86-cr fine

Mumbai, February 26 

In the biggest-ever penalty in a single case, SEBI today slapped fines totalling Rs 86 crore on realty giant DLF, its top executives, their family members and various other related entities for entering into "sham transactions" to mislead IPO investors about eight years ago.

Those penalised include Chairman KP Singh, his son and vice-chairman Rajiv Singh, daughter Pia Singh, as also three "housewives" married to 'key management personnel' of the DLF group for "fraudulent and unfair trade  practices".

DLF later said in a statement it did not violate any laws and it would challenge the order. DLF also said it was guided by the advice of "eminent legal advisors, merchant bankers and audit firms" while formulating its IPO documents. — PTI