SEBI Imposes Bans, Penalties On Former PFS Executives Over Corporate Governance Lapse

The Securities and Exchange Board of India (SEBI) imposed strict penalties and restrictions on Pawan Singh, former MD and CEO, and Rajib Kumar Mishra, former chairman of PTC India Financial Services Ltd., following a probe into corporate governance lapses. \r

Singh has been barred from directorships, managerial roles, or association with listed companies for two years, with a Rs 25 lakh penalty, while Mishra faces a similar ban for six months with a Rs 10 lakh fine. SEBI's investigation highlighted governance failures, including failure to ensure an independent director quorum, delayed forensic audits, and withholding crucial information from the board. \r

These actions led to resignations of independent directors and adverse market impact, prompting regulatory action against both executives.