A fine of Rs 1 crore each has been imposed on Nilesh Kava, Bipin C Gadhiya and Govind Senma.
It was found that they did not make disclosures about sale of shares in the company as required under Sebi norms.
Relevant disclosures under Sebi's Prohibition of Insider Trading (PIT) and Substantial Acquisition of Shares and Takeovers (SAST) regulations were not done for nearly four years.
"I am of the view that the penalty of Rs 1 crore would be adequatefor violation of both PIT Regulations and SAST Regulations as the nature of violation in both the Regulations are identical," Sebi's Adjudication Officer Rachna Anand said in the order.