Sebi Imposes Rs 52 Crore Penalty on Property Firm DLF

Mumbai: Capital markets regulator the Securities and Exchange Board of India (Sebi) on Thursday fined property developer DLF Ltd and its top management Rs 52 crore as part of a broader probe into the firm's lack of disclosures during its initial public offering (IPO).

The regulator last year banned the company from raising capital for three years as part of the same case, a verdict which DLF is appealing at a securities tribunal.

The Sebi concluded then that the property developer wilfully withheld details of all of its subsidiaries, as well as details of legal cases pending against those companies when it filed its IPO documents.

DLF was not immediately available for comment on Thursday.