Sebi imposes Rs 1.8 crore fine on Edynamics Solutions, 4 individuals

Current GK ( Master) Financial System

Market regulator Sebi has levied a total penalty of Rs 1.8 crore on Edynamics Solutions Ltd (EDSL) and four individuals for violating securities market norms.
In September 2017, the regulator had issued an interim order against the company and asked the exchange (BSE) to appoint an independent auditor to conduct a forensic audit of Edynamics for verification, including its financials, and trace the end-use of funds raised by the company from the public.
It was found that despite various correspondences by the forensic auditor and BSE, EDSL failed to furnish the information essential to conduct the exercise of a forensic audit.
Also, EDSL had misrepresented the book of accounts to the tune of Rs 37 crore.