Sebi gets over Rs 6 lakh to settle cases of disclosure lapses with 3 entities

Markets regulator Sebi has settled cases of disclosure lapses related to three separate entities after they paid more than Rs 6 lakh towards settlement charges.

According to three separate Sebi orders, the entities are Laxmikant Ramprasad Kabra, Altimax Financial Services and Ashok Vishwanath Hiremath.

The entities had filed applications to settle the "proposed adjudication proceedings" for the delayed compliance of disclosure norms as required under SAST (Substantial Acquisition of Shares and Takeover) Regulations in the matter of Astec Life Sciences Limited.

The settlement terms proposed by them were considered by the regulator's High Powered Advisory Committee (HPAC). The committee recommended the cases for settlement on payment of Rs 2,01,447 each by three entities.

The recommendation of HPAC was also accepted by the panel of Whole Time Members of Sebi.

In September this year, the three entities paid their respective settlement amount following which the Securities and Exchange Board of India (Sebi) settled the proposed adjudication proceedings.

As per the orders, if any representation made by the entities in the present settlement proceedings is subsequently discovered to be untrue, Sebi would take enforcement actions against them.

(With inputs from agencies.)