Sebi slaps Rs 23 lakh fine on Southern Fuel; 3 promoters

Capital market regulator Sebi today imposed a total penalty of Rs 23 lakh Southern Fuel Ltd and its three promoter entities for not making annual disclosures.
The Securities and Exchange Board of India (Sebi) has slapped a penalty of Rs 10 lakh on Southern Fuel for not making annual disclosures for the years 1998 to 2011.
Sebi has also imposed Rs 7-lakh fine on company's promoter Shivmani & Company and Rs 3 lakh each on promoters -- K Vijay Anandh and C V Kaleeswaran -- for non-compliance with the disclosures norms.
As per Sebi norms, every listed company has to within 30 days from the financial year ending March 31, as well as the record date of the company for the purposes of declaration of dividend, make yearly disclosures about the shareholding pattern to all the relevant stock exchanges.

"The purpose of these disclosures is to bring about transparency in the transactions and assist the regulator to effectively monitor the transactions in the market," Sebi said in the two separate orders.
Similarly rules require promoters and shareholders of a listed company to disclose to the company their respective shareholding within 21 days from the fiscal year-end.
Sebi had come across the violations after examining a public announcement to acquire shares of Southern Fuel.
The shares of the firm are listed on the BSE, Bangalore Stock Exchange and Calcutta Stock Exchange.