Left Menu
Development News Edition

Sebi fines Rs 9 lakh on Zee Group for shareholding disclosure lapses


Sebi fines Rs 9 lakh on Zee Group for shareholding disclosure lapses

Markets regulator Sebi on Thursday imposed a fine totalling Rs 9 lakh on Zee Media Corporation and its promoter entity 25FPS Media for shareholding disclosure lapses. The regulator has levied a fine of Rs 6 lakh on 25FPS Media Private Limited and Rs 3 lakh on Zee Media Corporation Ltd (ZMCL), Securities and Exchange Board of India (Sebi) said in an order.

The order comes after Sebi received a reference from Zee Media Corporation, wherein it informed the regulator regarding non-compliance of PIT (Prohibition of Insider Trading) Regulations by 25FPS during the period April 8 to April 23, 2019. Following this, the regulator conducted examination in the scrip of ZMCL from April 8, 2019 to April 26, 2019 to ascertain whether there was any disclosure violation of PIT norms and SAST (Substantial Acquisition of Shares and Takeovers) Regulations by 25FPS and/or ZMCL.

During the examination, the regulator observed that IFCI Ltd had invoked pledge in respect of certain equity shares of the company pledged by 25FPS. The shareholding of 25FPS in ZMCL was continuously decreasing by virtue of invocation of pledge by IFCI during the period. It further said that 25FPS was required to disclose details of such change in its shareholding within stipulated timeframe. Besides, ZMCL was required to notify the exchanges regarding the particulars of trades within two trading days of it "becoming aware of the same".

"By not making the relevant disclosures on time, both the noticees have conveniently kept the general investors in dark regarding the change in the shareholding of one of the promoters," Sebi said. The entities have not complied with the relevant provisions of PIT Regulations and SAST norms, it noted.

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

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

Videos

Latest News

US advises citizens to 'reconsider travel' to China amid coronavirus outbreak

The United States on Monday raised its travel advisory for China to Level 3, advising its citizens to reconsider travel due to threats from coronavirus outbreak that has claimed the lives of more than 80 people in the Asian country. Reconsi...

UPDATE 2-U.S. government urges Americans to reconsider travel to China because of coronavirus

The U.S. State Department urged Americans on Monday to reconsider going to China because of the coronavirus, after warning against travel to the Hubei province of China, where the respiratory illness is believed to have originated, .The U.S...

Military plane crashes in Algeria's Oum El Bouaghi province

A military plane crashed in Algerias Oum El Bouaghi province 500 km 300 miles east of Algiers, Ennahar TV said on Tuesday. Private broadcaster Ennahar said there are some unconfirmed reports that two military men were killed in the crash.No...

Reuters World News Summary

Following is a summary of current world news briefs. Thousands flee northwest Syria as Assad pushes closer to Idlib cityA renewed drive by President Bashar al-Assad to recapture rebel-held territory in Syrias northwest sparked a fresh exodu...

Give Feedback