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Criticising market regulator Securities and Exchange Board of India (SEBI) for its sluggish approach in handling a case, the Supreme Court rapped SEBI for taking 10 years to conclude an investigation into a case involving alleged violation of listing norms and unfair trade practice. Last year also, the apex court had pulled up SEBI for issuing a show-cause notice (SCN) after a 10-year probe in the Alps Motor Finance Ltd (AMFL) case.

While criticising the Securities and Exchange Board of India (SEBI) for issuing a show cause notice (SCN) to a company ten years after conducting an investigation, the Supreme Court has directed the market regulator to hold an inquiry into the delay and submit a report. In the case of alleged misuse of funds raised through preferential allotment by Alps Motor Finance Ltd (AMFL), SEBI had challenged an order passed by the securities appellate tribunal (SAT).

A Sebi investigation detailed how the money was used against the stated objective

Securities and Exchange Board of India (SEBI) has imposed a fine of Rs41 lakh on Alps Motor Finance Ltd (AMFL) and Brij Bhushan Sabharwal, the company's former whole-time director and Himanshu Agarwal, former non-executive and non-independent director, for mis-utilising funds collected from the preferential allotment.