Market regulator SEBI has ordered attachment of bank accounts of one Dushyant Natwarlal Dalal and his wife Puloma Dalal to recover penalties worth over Rs 6 crore imposed on them for alleged irregularities in initial public offerings (IPOs) of various firms between 2003-05.

The Securities and Exchange Board of India (SEBI) had imposed penalties on the two for cornering shares reserved for retail investors in the IPOs of IDFC, Suzlon Energy, Shoppers Stop and Provogue India among others.

Armed with greater powers to deal with defaulters, the Securities and Exchange Board of India recently began directing attachment of bank accounts to recover penalties from entities that have allegedly violated capital market norms.

In a notice of attachment dated October 18, SEBI has asked ICICI Bank “to attach all accounts of the defaulters (Dalals) held with them.”

Later, ICICI Bank informed SEBI that Rs 40 lakh was transferred from account of defaulters to their daughter Yuti Kunal Jhaveri and Kunal Jhaveri on October 18, 2013.

Further, Rs 9.5 lakh was transferred from the account of Yuti Dalal, Aashni D and Puloma Dalal to Yuti Dushyant Dalal on October 21.

“..the money transfered to the accounts of Yuti Dalal as aforesaid is liable for attachment in execution of the recovery certificate against the defaulter,” SEBI said.

Consequently, SEBI directed ICICI Bank to attach these accounts with immediate effect.

The move is part of SEBI’s efforts to recover a total fine of over Rs 6 crore “along with interest, all costs charges and expenses in respect of all proceeding for recovering the said sum” imposed on the two entities.