Sebi Thursday imposed a total fine of Rs 30 lakh on Stephens Financial Services and its two directors for not providing required information sought earlier by the regulator in a case pertaining to Falcon Tyres and Dunlop India.
The regulator had conducted investigation from April 26-28, 2012 and issued summons to the entities to furnish information and appear before the Investigating Authority (IA) regarding acquisition of scrips of Falcon Tyres and Dunlop India through preferential allotment by certain entities, including Stephens and its directors.
However, despite sending several summonses, the entities failed to submit the required information and its director also failed to appear before IA, the Securities and Exchange Board of India (Sebi) said in an order.
The non compliance by the entities violated Sebi norms, it said.
Accordingly, a fine of Rs 10 lakh each was imposed on Stephens Financial Services and its directors -- Satya Narayan Singh and Sonali Kumar Roy.