Markets regulator Sebi today imposed a total fine of Rs 4 lakh on two entities for violating shareholding disclosure norms in the matter of Ashirwad Steels & Industries Ltd.
Individually, the Securities and Exchange Board of India (Sebi) has levied a fine of Rs 3 lakh on Doyang Wood Products and Rs 1 lakh on Chhibbar Business & Fiscals.
According to Sebi, Doyang Wood Products, which was holding 3.54 per cent shares in Ashirwad Steels & Industries in January 2015, had raised their stake to 7.45 per cent.
However, it made the disclosure with a delay of 2-3 months to the company and stock exchanges.
Chhibbar Business & Fiscals, which held 17.39 per cent stake in the firm in March 2015, increased its holding to 18.14 per cent. It made this disclosure with a delay of 17 days to the company as well as bourses.
Under the Sebi's norms, the entities were required to make the disclosure within two working days of the transaction.
By indulging in such activities, Doyang Wood Products has violated the provisions of SAST (Substantial Acquisition of Shares and Takeovers) norms as well as Prohibition of Insider Trading (PIT) regulation, while Chhibbar Business & Fiscals violated SAST norms.
In a separate order, the markets watchdog has slapped a fine of Rs 4 lakh on Stardom Trading Company and Rs 2 lakh on 15 other entities for not making the shareholding disclosures in the matter of Insta Finance (earlier known as SDFC Finance).
"By not making desired disclosures about their shareholding, all noticees... have violated ...SAST and additionally noticee 1 (Stardom Trading Company) has violated... PIT Regulations 2015," the order said.
In another case, Sebi has levied a total fine of Rs 1 lakh on seven entities -- Tribhawan Kumar Parnami, Tribhawan Kumar Parnami HUF, Raman Kumar Parnami, Raman Kumar Parnami HUF, Anil Kumar Parnami, Anil Kumar Parnami HUF and Shashi Parnami for violating SAST norms.
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