Four entities, including three companies, have settled separate cases with markets regulator Sebi after paying a total of over Rs 60 lakh.
According to four separate Sebi orders, while Nirmal Kumar Bardiya paid Rs 29.45 lakh to settle his case, Hero Fincorp Ltd, Vivek Vyapar Ltd and Durgesh Merchants Ltd have paid Rs 18.90 lakh, Rs 7.34 lakh and Rs 4.66 lakh, respectively, against their matters.
It was alleged that Bardiya and Durgesh Merchants Ltd had violated PIT (Prohibition of Insider Trading) Regulations and SAST (Substantial Acquisition of Shares and Takeovers) Regulations, respectively, by making delayed disclosures.
Vivek Vyapar Ltd had allegedly violated PIT as well as SAST Regulations by delaying in making required disclosures, while the allegation against Hero Fincorp Ltd was that it had not complied with the LODR (Listing Obligations and Disclosure Requirements) Regulations.
The four entities had filed applications to settle their respective cases.
The terms proposed by them were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the cases for settlement on payment of Rs 29.45 lakh, Rs 18.90 lakh, Rs 7.34 lakh and Rs 4.66 lakh by Nirmal Kumar Bardiya, Hero Fincorp Ltd, Vivek Vyapar Ltd and Durgesh Merchants Ltd, respectively. This was also approved by the panel of whole time members of the regulator.
Last month, the entities paid the settlement amounts following which the Securities and Exchange Board of India (Sebi) disposed of the cases.
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