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SEBI imposes fine of over Rs 10 crore on Sybly Industries

Securities and Exchange Board of India (SEBI) has imposed a fine of over Rs 10 crore on Sybly Industries in a matter related to manipulation in the issuance of global depository receipts (GDR).

The penalty follows a probe by the regulator regarding the firm’s allotment of 1.51 million GDR amounting to $6.99 million on the Luxembourg Stock Exchange in June 2008.

Sybly Industries is engaged in the manufacturing of polyester yarn and mercerised cotton yarn.

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