India’s markets regulator bars tycoon Vijay Mallya from securities trading for 3 years

BENGALURU: India’s markets regulator on Friday barred business tycoon Vijay Mallya from trading in the country’s securities market and from associating with any listed company for three years.

The Indian government has been trying to extradite Mallya, 68, who lives in Britain, to face charges of fraud resulting from the collapse of his defunct company Kingfisher Airlines.

Mallya, who also co-owned the Formula One motor racing team Force India until 2019, has denied all wrongdoing.

Indian tycoon Mallya arrested in London for extradition

The Securities and Exchange Board of India said on Friday that the tycoon’s “existing holding of securities including the holding of units of mutual funds… shall remain frozen”.

Mallya owns an 8.1% stake in Kingfisher beer-maker United Breweries, per exchange data, and is the company’s chairman. He also owns a 0.01% stake in Smirnoff vodka-maker United Spirits.