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Sebi slaps penalties of Rs 50 lakh on entities over non-disclosure of shareholdings

Fines ranging from Rs 3 lakh to Rs 9 lakh have been imposed on eight entities

twitter-logoPTI | July 22, 2020 | Updated 15:27 IST
Sebi slaps penalties of Rs 50 lakh on entities over non-disclosure of shareholdings
As per Sebi, the entities had filed incorrect information with the company and BSE on multiple instances as to the date on which they actually sold their shares

Capital markets regulator Sebi has imposed penalties totalling Rs 50 lakh on eight entities for their failure to make proper disclosures regarding their shareholdings in PSIT Infrastructure and Services Ltd. The watchdog's order came after an investigation conducted by it into the PSIT matter for May 2012 to July 2015 period.

Fines ranging from Rs 3 lakh to Rs 9 lakh have been imposed on eight entities. They are Brijdham Dealcom, Compass Distributors, Conquer Barter Pvt Ltd, Economy Sales Pvt Ltd, Mayurpankh Vinco Pvt Ltd, Miracle Tradecom, Narayan Suppliers and Premsagar Vinimay Pvt Ltd, as per the order dated July 21.

During the probe, it was found that pursuant to the arrangement involving merger of Crescent Digital Technologies Ltd (CDTL) and Swift IT Infrastructure and Services Ltd with PSIT on June 5, 2013, the eight entities had acquired shares of PSIT under the promoter category.

They were required to make disclosures about their shareholding data to the company as well as stock exchange but failed to do so. Further, the entities had acquired shares on July 12, 2013 and were required to disclose to PSIT within two days about the number of shares/voting rights held by them in the company pursuant to scheme of amalgamation. However, those disclosures were also not made by the entities, according to Sebi.

As per Sebi, the entities had filed incorrect information with the company and BSE on multiple instances as to the date on which they actually sold their shares. These actions amounted to violations of provisions of the PIT (Prohibition of Insider Trading) Regulations.

Also read: Unify G-sec and corporate bond markets, says Sebi Chief Ajay Tyagi

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