SEBI takes action

MUMBAI: The Securities and Exchange Board of India (SEBI) said on Monday it had begun seizing bank accounts and financial assets owned by PACL Ltd and its directors, saying the property developer had failed to refund INR 491 billion to investors as ordered. India’s capital market regulator ordered PACL in August last year to return money to investors, saying the firm was running an illegal investment scheme that promised depositors returns on investments in agricultural land.