Sebi imposes 3-year ban on Vijay Mallya for illegal fund diversions

Mallya has also been restrained from holding position "as Director or Key Managerial Person of a listed company for a period of five years".

New Delhi: Market regulator Securities and Exchange Board of India (Sebi) on Friday ordered that absconding business tycoon Vijay Mallya shall continue to be restrained from accessing the securities market for a further three years.

According to a Sebi order in "the matter of fund diversions and or improper transactions in United Spirits", Mallya has also been restrained from holding position "as Director or Key Managerial Person of a listed company for a period of five years".

"Vijay Mallya shall continue to be restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly/ indirectly for a further period of 3 years from the date of this order, holding position as director or key managerial person of a listed company for a period of five years from the date of this order,” SEBI order said.