The Securities and Exchange Board of India has taken into account the various issues surrounding the Gensol Engineering fraud incident, as it prepares enhanced rules, according to NSE Chief Executive Officer and Managing Director Ashishkumar Chauhan.
"Gensol is a corporate governance issue...There are also debt market and loan-related issues there. Those will be taken into account while preparing slightly tightened regulations, going ahead, by SEBI," Chauhan told NDTV Profit on the sidelines of the 16th Assocham Capital Markets Conference, on Thursday.
Gensol Engineering has been facing troubles since SEBI barred the company and its Managing Director Anmol Singh Jaggi and Whole-Time Director Puneet Singh Jaggi from accessing the securities market. The regulator said that the company has conducted fund diversion for personal motives.
The company's Chief Financial Officier Jabirmahendi M. Aga also recently resigned, citing regulatory challenges the company has been facing now. The company is also under the scanner of the National Financial Reporting Authority. Parallely, the Indian Renewable Energy Development Agency has filed an insolvency petition against the company and its subsidiaries for defaults.
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