Securities and Exchange Board of India (SEBI) has imposed penalty of Rs 18 lakh on TARC under Section 23E of the Securities Contracts (Regulation) Act, 1956. The enforcement of the said order with respect to penalty imposed is subject to the outcome of the appeal filed by SEBI before the Supreme Court of India vide civil appeal no. 4741 of 2021. The said order is being reviewed and shall be dealt suitably as per advice of legal counsel.
TARC is one of the largest real estate developers in India.