Sebi imposes Rs 40 lakh on 4 entities over violation of market norms

Capital markets regulator Sebi on Friday imposed penalties totalling Rs 40 lakh on four entities for failing to comply with the provisions of the Companies Act and public issue norms.

Through an order, the regulator imposed a fine of Rs 10 lakh each on HPC Biosciences Limited, Tarun Chauhan, Madhu Anand and Arun Kumar Gupta.

The order came after Sebi carried out an inspection of Guiness Corporate Advisors in August 2014 and notified certain violations relating to file prospectus and application for listing in respect of the allotments made by HPC Biosciences from December 2012 to January 2013.

Subsequently, an investigation was conducted by Sebi to examine substantial price increases in the scrip of HPC.

In a separate order, Sebi levied a fine of Rs 5 lakh on Ashish Pandey for violation of market norms in the matter of Ricoh India Ltd.

Designated person of the firm Ashish Pandey who was CFO and company secretary of FDSL in 2017-18.

The order comes after Sebi had appointed Pipara & Co as the forensic auditor with respect to the financial statements of Ricoh and Fourth Dimensional Solutions Ltd (FDSL) for the FY March 2014 to March 2018.

In another separate order, the regulator levied a fine of Rs 5 lakh on Darshann Kayan over non-genuine trades in illiquid stock options on BSE.

By doing so, the entity violated the provisions of PFUTP norms.