The refund process is being overseen by a Supreme Court-appointed committee, which has been able to collect "only a few hundred crores", Sebi said, while noting that the case requires imposition of a much bigger penalty equivalent to three times of the illicit gains made by them.
However, "as the interest of investors is paramount", Sebi has decided to impose a monetary penalty equivalent to the profits made through the illegal mobilisation, the 47-page order said.
Sebi has asked PACL Ltd and its four directors --Tarlochan Singh, Sukhdev Singh, Gurmeet Singh and Subrata Bhattacharya -- to "jointly and severally" deposit the penalty amount within 45 days.
About the latest case, for which the order was passed on Thursday, Sebi said the magnitude of the violation can be assessed from the fact that huge illegal mobilisation of money was made leading to consequent profits to the tune of Rs 2,423 crore in a short span of less than one year.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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