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Sebi bars Vijay Mallya from securities market for three years

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Sebi bars Vijay Mallya from securities market for three years

The Securities and Exchange Board of India (Sebi) has prohibited businessman Vijay Mallya from participating in the securities market for three years. Mallya, the former head of United Breweries and majority shareholder of United Spirits, is alleged to have routed funds into the Indian securities market through complex transactions designed to hide his identity. The regulator stated that Mallya engaged in manipulative and fraudulent activities, as well as unfair trade practices, which violated securities laws. This extends a previous three-year ban imposed on Mallya in 2018 for improper transactions. The Sebi order highlighted Mallya's abuse of foreign institutional investment regulations, which harmed investors.

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