Mumbai: Zee Entertainment Enterprises's (ZEEL) proposed ₹3,144-crore promoter fundraise has run into regulatory uncertainty after the Sebi barred company from accessing the securities market for two months and prohibited chairman emeritus Subhash Chandra and CEO Punit Goenka from dealing in securities for one year.The Sebi order came hours after ZEEL shareholders on Friday approved a preferential issue of convertible warrants worth ₹3,144 crore to promoter entity Sunbright Mauritius Investments, a transaction that would increase the promoter group's stake in the broadcaster to 23.79% from 3.99%.Legal experts said the order could delay the warrant issue unless ZEEL secures interim relief from the Securities Appellate Tribunal (SAT) or Sebi clarifies that the proposed subscription can proceed.Under the approved issue terms, subscribers must pay 25% of the warrant issue price upfront, with the remaining 75% payable upon conversion within 18 months. If the warrants are not exercised within that period, they lapse and the upfront payment is forfeited. The regulator also imposed aggregate penalties of ₹1.48 crore on ZEEL, Chandra and Goenka over unauthorised pledge of the company's Hyderabad land to secure loans raised by promoter-linked Essel Group entities.The order has also raised immediate questions over whether the promoter fundraise can proceed. Although Sebi's directions do not specifically refer to the approved warrant issue, legal experts said they leave unresolved whether Sunbright Mauritius Investments can subscribe to the warrants when Chandra and Goenka are prohibited from dealing in securities. While the promoter entity itself is not restrained, the order bars the two promoters from directly or indirectly dealing in securities, making the proposed subscription a key legal issue.Also Read | Seeking legal advise on SEBI order in land pledge case, no bearing on ongoing fundraising: ZeeProxy advisory firm InGovern said Sebi's directions mean ZEEL cannot proceed with the warrant issue while the restraint on the company remains in force and that the promoters cannot participate during their respective restraint periods despite shareholder approval.