Sebi today imposed a total fine of Rs 37 lakh on seven entities for failing to make relevant disclosures with regard to change in their shareholding in Oregon Commercial.
In three separate but similarly worded orders, the regulator said it conducted an investigation in the scrip of Oregon Commercial, now known as Saianand Commercial in two phases, one from January to August, 2010 and another during August 2010-January 2011.
During the investigation, it was found that seven entities acquired and disposed shares of Oregon on several occasions, said Sebi in an order.
Moreover, the seven entities in different combinations on various occasions acquired the shares as person acting in concert (PAC).
The inter-se transfer of shares of the company triggered disclosure requirements under the PIT as well as SAST.
Under PIT (Prohibition of Insider Trading) Regulations and SAST (Substantial Acquisition of Shares and Takeovers) norms, they were required to make necessary disclosures to the Oregon and the exchange where the shares of the company are listed within two working days.
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Additionally, entities as PAC were also obliged to make disclosures accordingly.
However, they failed to make disclosures under PIT and SAST norms and thereby impose monetary penalties on the Entities, Sebi said.
The penalties on the entities -- Dhirenkumar Dharamdas Agarwal and Shweta Dhiren Agrawal ( Rs 7 lakh), Krupa Sanjay Soni, Sanjay Jethalal Soni and J M Soni Consultancy (Rs 24 lakh) and Jimish Jitendrabhai Soni and Vaishali Jimish Soni (Rs 6 lakh).
The total penalty also includes a separate fine for disclosure violations relating to PAC.