SEBI levies penalty of Rs 1.81 crore on Inventure Growth and Securities, 12 officials

Securities and Exchange Board of India (SEBI) has imposed total penalty of Rs 1.81 crore on stock broker Inventure Growth and Securities and its twelve officials for failing to utilize the initial public offering (IPO) proceeds for purposes as stated in the prospectus. SEBI conducted an investigation in the IPO of equity shares by the stock broker between August 4, 2011 and August 11, 2011.

Inventure Growth & Securities is into providing advisory and innovatively structured financial solutions in the area of fund raising, infrastructure development, government borrowing, corporate restructuring and money market intermediation.