Market regulator Sebi today imposed a penalty of Rs 9.5 lakh on Abhirati Trading for shareholding disclosure lapses in the matter of Vakrangee Ltd.
The Securities and Exchange Board of India (Sebi) upon suspicion of violation of various provisions of securities laws had conducted investigation in the shares of Vakrangee.
It found that the shareholding of Abhirati in Vakarangee got reduced on May 28, 2013 by 2.31 per cent and by 2.07 per cent on September 4, 2013.
"Thus, upon change of more than 2 per cent in its shareholding in the company (Vakrangee), the noticee (Abhirati) ought to have disclosed in terms of ... PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeovers)," Sebi noted.
However, it failed to make these disclosures and accordingly Sebi has levied a fine of Rs 9.5 lakh on Abhirati.
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