SEBI: Slaps fine of INR15 lakh on promoters of SVC Resources
The regulator in a separate order imposed a fine of Rs 2 lakh on one Ashok Gupta for not disclosing additional acquisition of shares of the firm in 2011 and thereby violating insider trading norms.
Sebi found that promoter Powerhouse Fitness Ltd (formerly known as Naaz Trading and Finance Ltd) exited from the company after transferring its shareholding to two other promoters, Akshat Gupta, Ankush Gupta without any payment through an off-market transaction in July 2009.
Since the transaction entered into by the three former promoters was an off-market transaction, it has to be in conformity with the provisions relating to spot delivery contract under the Securities and Contract Regulation Rules (SCRA), the regulator noted.
However, payment and transfer of shares have not taken place as per the time limit required for spot delivery contract as defined in SCRA hence violative of SCRA regulations, Sebi said and imposed fine of 5 lakh each on the three former promoters.
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