Kolkata, April 13 (IANS): Market regulator SEBI on Monday barred Kolkata-based I-Nova Solutions Ltd (INSL) and its directors from accessing the capital market.

"The company shall not mobilize funds from investors. Further, the company and its directors are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders," the Securities and Exchange Board of India (SEBI) said in a statement.

It alleged INSL was engaged in fund mobilizing activity through issue of redeemable preference Shares to more than 49 people without complying with the relevant provisions of the Companies Act, 1956 and the DIP guidelines read with ICDR Regulations, 2009.

SEBI said issuing any share or debenture issue beyond 49 people is a public offering issue which requires compulsion to the relevant provisions of the SEBI Act and related acts pertaining to the public issue.

"The company and its directors, are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions," it said.

It has also asked the company and its three directors to submit a full inventory of assets and properties held.

I-Nova's past director, Tapan Pal has also been barred from accessing the capital market.