Left Menu
Development News Edition

Sebi fines six individuals for disclosure lapses

In a separate order, Sebi imposed a fine of Rs 3 lakh on Modern Trading Business Pvt Ltd for disclosure lapses with respect to dealing in the shares of The Byke Hospitality Ltd. According to the regulator, Modern Trading Business had exceeded the limit of acquisition of 5 per cent shareholding in the company, which triggered disclosure requirement.

PTI | New Delhi | Updated: 25-11-2020 22:01 IST | Created: 25-11-2020 22:01 IST
Sebi fines six individuals for disclosure lapses

Capital markets regulator Sebi has imposed fines totalling Rs 6 lakh on six individuals for disclosure lapses while dealing in the shares of Alora Trading Company Ltd (ATCL). Securities and Exchange Board of India (Sebi) had conducted an examination in the dealings of ATCL shares for January-September 2017 period.

It was found that the individuals continuously sold the shares during March 17-28, 2017. Subsequently, their cumulative shareholding reduced by more than 2 per cent. However, they failed to comply with the disclosure obligations triggered during that period.

For the lapses, the watchdog has imposed a fine of Rs 1 lakh each on the six individuals, according to an order passed on Tuesday. In a separate order, Sebi imposed a fine of Rs 3 lakh on Modern Trading Business Pvt Ltd for disclosure lapses with respect to dealing in the shares of The Byke Hospitality Ltd.

According to the regulator, Modern Trading Business had exceeded the limit of acquisition of 5 per cent shareholding in the company, which triggered disclosure requirement. However, the entity failed to do so. Sebi also noted that Modern Trading Business did not respond to its comunications during the investigation nor did it respond to any of the communications made during the adjudication proceedings.

Separately, the regulator on Wednesday imposed Rs 2 lakh penalty on Shreeji Industries Ltd for its failure to obtain SCORES authentication till date and for not addressing pending grievance of one investor within the timeline specified by it. Through another order on Wednesday, the regulator levied a fine of Rs 2 lakh on Kapstone Constructions Pvt Ltd for not making timely disclosures regarding financial results of the company for the half-year ended March 31, 2019.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Amit Shah inaugurates 69th North Eastern Session in Shillong

Union Home Minister on Saturday inaugurated the 69th Plenary Session of North Eastern Council NEC in Shillong. Shah arrived in Shillong this morning.The Governor of Meghalaya, Satya Pal Malik, and Minister of State MoS Independent Charge, M...

Satwik-Chirag's impressive run ends with semifinal defeat at Thailand Open

Tokyo Olympics medal contender Satwiksairaj Rankireddy and Chirag Shettys impressive run at the Toyota Thailand Open Super 1000 ended with a close semifinal defeat here on Saturday. The world number 10 Indian pair, which won its maiden supe...

Tata Motors launches i-Turbo petrol variant of premium hatchback Altroz

Tata Motors on Saturday launched the i-Turbo petrol variant of its premium hatchback Altroz at an introductory price increment of Rs 60,000 above the existing petrol variants of the model.The company has also added a new top of the line XZ ...

Biden signs executive orders to boost economic relief for Americans

US President Joe Biden has signed a slew of executive orders, including a one to fix the countrys economy which has been battered by the once-in-a-century public health crisis that has also left some 18 million Americans unemployed.On day t...

Give Feedback