SEBI settles with 2 ex-Brightcom directors for financial violations

• SEBI approved a ₹12.35 lakh settlement with two former Brightcom independent directors, M. Manohar and Vijaya Bhaskar Reddy.
• Manohar, as Compliance Officer, failed to disclose a forensic audit and ensure correct shareholding pattern disclosure.
• Reddy, an independent director, failed to ensure Brightcom's financial statements complied with accounting standards.
• SEBI found Brightcom committed multiple accounting and disclosure violations between 2014-15 and 2019-20.
• SEBI previously fined Brightcom, its promoters, and senior management ₹34 crore for misrepresenting financials.

Why It Matters: It signals regulatory accountability for financial and disclosure violations by directors.