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Confirming its interim directions against 20 entities in the Brightcom Group Ltd (BGL) matter, the Securities and Exchange Board of India (SEBI) suggested an examination and action if required by the directorate of enforcement (ED) in the settlement of loans advanced to M Suresh Kumar Reddy, former chairman and managing director (CMD) and his companies abroad through allotment of shares in India.

The regulator has modified its directive against chief financial officer Narayan Raju by restraining him from holding the position of a director or a key managerial person only in Brightcom Group and its subsidiaries.

Of the directions given to 25 noticees in the interim order in August 2023, directions given to five stand changed in the final confirmatory order.

Of the directions given to 25 noticees in the interim order in August 2023, directions given to five stand changed in the final confirmatory order.

While refusing to interfere in an order passed by the Securities and Exchange Board of India (SEBI), the Securities Appellate Tribunal (SAT) dismissed an appeal filed by Brightcom Group Ltd (BGL) against the SEBI order.