Sebi Cracks Down on Sunil Lulla with Hefty Penalty

Sebi has fined Sunil Lulla, former MD of Eros International, Rs 50 lakh for regulatory violations. Despite appeals, the ban is upheld, citing non-compliance spanning June 2023 to July 2024. The investigation into Eros Media involves alleged financial irregularities and mismanagement.

Capital markets regulator Sebi has imposed a Rs 50 lakh fine on Sunil Arjan Lulla, former managing director of Eros International Media, for breaching regulatory norms.

An interim order in June 2023 had already banned Lulla and five entities from the securities markets. After an appeal, the Securities Appellate Tribunal maintained the regulator's decision, underscoring Lulla's noncompliance with directives, which ranged from June 2023 to July 2024.

The investigation focuses on allegations of financial irregularities and misconduct concerning Eros International Media, with Sebi issuing additional penalties on multiple entities for failure to cooperate fully.

(With inputs from agencies.)