SEBI Slaps Penalties on Rajat Mishra and Majestic Auto for Norm Violations

SEBI has fined Rajat Mishra Rs 20 lakh for non-compliance with summons related to HAL shares. Mishra's failure to cooperate hindered the investigation. Additionally, Majestic Auto Ltd faced a Rs 7 lakh penalty for breaching disclosure regulations regarding related party transactions. Both entities violated statutory norms.

The Securities and Exchange Board of India (SEBI) imposed a Rs 20 lakh fine on Rajat Mishra on Friday for failing to comply with summons regarding market norm violations in dealings with Hindustan Aeronautics Ltd (HAL). Misra's non-cooperation hampered the investigation. SEBI directed Mishra to pay the penalty within 45 days.

According to SEBI's Adjudicating Officer Amar Navlani, Mishra's failure to provide information and appear before the Investigating Authority (IA) displayed a disrespectful attitude towards the regulator.

In a separate ruling, SEBI fined Majestic Auto Ltd Rs 7 lakh for not adhering to disclosure rules during related party transactions. The examination revealed Majestic Auto failed to get necessary audit and shareholder approvals, thereby violating Listing Obligations and Disclosure Requirements regulations.

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