Markets regulator Sebi today slapped a fine of Rs 32 lakh on seven entities for failing to make shareholding disclosures following share transaction of Ashutosh Paper Mills Ltd (APML).
Sebi has levied a fine of Rs 6 lakh each on Zoom Building Materials & Products and Novalty Enterprises, and Rs 4 lakh each on Atul Kumar Agarwal, Surya Medi Tech, Archit Hotels and resorts and Zarf Infra Development.
The regulator had conducted a probe to find out the possible violation of SAST (Substantial Acquisition of Shares and Takeover) and PIT (Prohibition of Insider Trading) after receiving certain alerts of non-disclosures of shareholdings in APML shares.
Securities and Exchange Board of India (Sebi) found that these seven entities had bought or sold shares of the APML during September, 2012 to March, 2013 in violation of SAST and PIT regulations.
Accordingly, Sebi has levied fine on these seven entities.
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