 "Sebi slaps Rs 1 lakh fine on API's promoter")
Securities and Exchange Board of India (Sebi) has slapped the penalty on Ansal as he had failed to disclose to stock exchanges, BSE and NSE, that his shareholding in Ansal Properties had fallen for the quarter ending September 2012.
The regulator said it is imposing "a penalty of Rs 1 lakh on the noticee, namely Pranav Ansal".
Based on its findings Sebi concluded that Ansal "has not complied" with the norms "by failing to disclose the change in his shareholding in APIL (Ansal Properties and Infrastructure Ltd".
Sebi observed that Ansal held one crore shares of Ansal Properties amounting to 6.36% stake as on the quarter ending June 2012. However, his stake in the company reduced to 4.99% or 78.54 lakh shares as of quarter ended September 2012.
It was found that Ansal had failed to disclose the said reduction in his shareholding in Ansal Properties to BSE and NSE as stipulated under the norms.
As per regulation, directors and promoters of a company are obligated to make disclosures regarding change in shareholding exceeding Rs 5 lakh in value or 25,000 shares or 1% of total shareholding or voting rights, whichever is lower.
Sebi noted that Ansal's holding had reduced by 21.59 lakh shares representing 1.37% stake.