New Delhi: Market regulator The Securities and Exchange Board of India (Sebi) restricted Servehit Hosing & Infrastructure India and its members to collect money from public after an investigation into mobilization of funds through illegal estate plans. It has also asked the Infra firm to dispose any properties as well as not to divert any funds acquired through its scheme.

The market watchdog has asked the Housing unit to submit its full data of assets and the firm has been barred from launching any new schemes in the market.

Earlier Sebi started the probe of illegal transaction of funds by Servehit Housing on complain against the Housing unit in 2010.

The Sebi ensured the interest and protection of the investors and took immediate steps so that the firm does not collect any more funds.

The infra firm had offered a plan of purchase, development and maintenance of plots and allegedly raise money from public with promise of extra returns. The firm is also asked to file their replies against the charges in 15 days time.

According to the market watchdog initial investigation, the proposal runs by Servehit Housing wherein the company invited tenders from public for booking a plot with promise of returns.

The Sebi term the business proposal as a real scheme only to mislead and attract investment from public in a wrong way.