Sebi slaps Rs 14 lakh fine on Panyam Cement and Mineral Industries

Sebi on Tuesday imposed a penalty of Rs 14 lakh on Panyam Cement and Mineral Industries Ltd (PCMIL) for flouting norms with respect to issuance of non-convertible debentures.

The fine has been levied for violating several provisions of LODR (Listing Obligations and Disclosure Requirements) rules.

In an order, the regulator said that PCMIL failed to inform BSE about the default in payment of interest/principal in respect of Non-Convertible Debentures (NCDs) apart from other disclosure lapses.

Sebi had received references from IDBI trusteeship Ltd pertaining to the NCDs issued by PCMIL. It was alleged that the company failed to submit required information to the stock exchange within the stipulated time.

The regulator conducted an examination to ascertain the compliance of relevant regulations pertaining to the disclosures/fillings with the bourse by PCMIL as required under the LODR rules for the 2017-18 period.

For the lapses, a fine of Rs 14 lakh was imposed on the company.

Meanwhile, in three separate orders, the regulator imposed a fine of Rs 5 lakh each on Rajat Jain HUF, Rajeev Rajkumar Agarwal HUF and Rishab Sarawgi for carrying out non-genuine trades in illiquid stock options on BSE.