Satyam scam kingpin Ramalinga Raju faces Rs 1,802 crore fine: SEBI

Indian securities market regulator SEBI on Thursday ordered Satyam Computers scam kingpin B.Ramalinga Raju and 11 others to disgorge Rs.1,802.81 crore of the unlawful gain from insider trading.

According to Securities and Exchange Board of India (SEBI), the amount has to be paid within 45 days with 12 percent simple interest calculated from January 7, 2009.

As per the order issued by SEBI’s whole time member Rajeev Kumar Agarwal, SRSR Holdings Pvt Ltd, a front for the Satyam Computers promoter group, has been ordered to repay Rs.1,258.88 crore.

The remaining around Rs.543.93 crore should be paid by 11 others including Ramalinga Raju (around Rs.26.62 crore) and B.Rama Raju (around Rs.29.54 crore).

The market regulator also banned B. Appalanarasamma, B. Jhansi Rani, B. Rama Raju Jr., B. Suryanarayana Raju, B. Teja Raju, Chintalapati Holdings Pvt. Ltd, Chintalapati Srinivasa Raju and SRSR Holdings from the securities market for a period of seven years.

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