India, Oct. 1 -- SEBI has imposed a fine of Rs 20 lakh on five entities, including Shares Bazaar and its chief executive, for alleged violations of intermediary norms in connection with an assured-return investment scheme.

The regulator imposed a penalty of Rs 10 lakh on Shares Bazaar, a SEBI-registered research analyst, while its director Bhupal Nanavath and former CEO Tirumala Lakshmi Venkata Ramesh were fined Rs 3 lakh each.

Another director, Prasanna Lakshmi Atlur, was also fined Rs 3 lakh, while current CEO Naresh Mitta was slapped with a Rs 1 lakh penalty, according to a Sebi order passed on Tuesday.

The Securities and Exchange Board of India (SEBI) carried out an examination in respect of Shares Bazaar Pvt Ltd (SBPL) for the per...