In October 2013, Securities and Exchange Board of India had directed attachment of over 50 bank accounts belonging to MPS Greenery Developers.
MPS Greenery was ordered to refund Rs 1,520 crore along with return to investors but as it failed to do so, the regulator had initiated attachment proceedings against it to recover the money.
The case involves an unauthorised collective investment scheme, which has emerged as a major route for illegally raising public funds.
In the latest attachment orders dated December 31, SEBI  has asked the two depositories, NSDL and CDSL, to attach the dematerialised accounts of the West Bengal-based firms.
SEBI has informed the depositories that "there is sufficient reason to believe that the defaulters may dispose of the securities/instruments in the demat account/s held by you and realisation of amount due under the certificate would in consequence be delayed or obstructed".
"...hereby order to attach all demat account/s by whatever name called of the defaulter, either singly or jointly with any person/s, held by you," it added.
As per the regulator's directions "no debit" are allowed from the accounts, however, "credits, if any, into the account into the account maybe allowed".
In December 2012, the market regulator had directed MPS Greenery Developers to close its Collective Investment Schemes and refund the investors within one month, failing which proceedings would be initiated against the entity and its senior officials.

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