Sebi slaps ₹ 34 cr fine on Brightcom Group, promoters for misrepresenting financials
M Suresh Kumar Reddy and Vijay Kancharla — promoters of Brightcom Group Ltd (BGL).
Apart from the penalty, Sebi also barred both promoters from the securities markets for five years and restrained them from acting as a director or key managerial personnel (KMP) in a listed company or a Sebi-registered intermediary for five years.
The markets watchdog levied a fine of Rs 2 crore on Y Srinivasa Rao and Rs 1 crore each on BGL and Yerradoddi Ramesh Reddy. The regulator also barred them from the securities markets for one year.
Further, Sebi prohibited Ramesh Reddy and Srinivasa Rao to act as director or a KMP in a listed company or an Sebi-registered intermediary for one year.
Brightcom claims to be a leading global provider of comprehensive online or digital marketing services to direct marketers, brand advertisers, and marketing agencies, Sebi said.
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