Sebi disposes of non-disclosure case against 2 entities

Capital market regulator Sebi today disposed of charges against Shreeji Broking and Rudra Securities & Capital related to violation of disclosure norms.
The Securities and Exchange Board of India (Sebi) in its show cause notices had alleged that the two entities had failed to make requisite disclosures to the BSE and the company with respect to change in their respective stakes in Turbotech Engineering.
In the light of submission of proof of disclosures made to the BSE and the company, Sebi in two similarly-worded orders today said that allegations levied on the entities "do not stand established".
"Accordingly the present adjudication proceeding is disposed of," it added.

It was alleged that the entities did not make disclosures with respect to decrease in their shareholding in Turbotech Engineering after offloading certain shares in the off market.
Sebi observed that they had sold shares on October 8, 2012, and made disclosures about the transactions to the BSE and the company.
Rudra Securities had 11.25 per cent shareholding, while Shreeji Broking held 11.46 per cent stake Turbotech Engineering, as on September 30, 2012.