Sebi fines Ramsarup Industries chairman Rs 5 lakh

Sebi Thursday fined Ashish Jhunjhunwala, chairman of Kolkata-based Ramsarup Industries Rs 5 lakh, for failing to comply with its earlier directions.

The regulator in August 2015 had asked chairman, Jhunjhunwala to disgorge amount of over Rs 98 lakh along with 10 per cent interest in a case related to insider trading violations.

Following the order, Jhunjhunwala had approached Securities Appellate Tribunal wherein the tribunal disposed of his appeal in 2017.

With the disposal of the appeal, August 2015 order attained finality and the Jhunjhunwala was bound to comply with the order, Securities and Exchange Board of India (Sebi) said.

In a fresh order passed on Thursday, Sebi said "Noticee (Jhunjhunwala) has completely disregarded the directions of Sebi order August 2015 and... attracts penalty".

Accordingly a fine of Rs 5 lakh was imposed on him.

In a two separate orders, Sebi imposed a fine of Rs 5 lakh on Prakash Varma and Rs 3 lakh on Ventura Securities for violating Stock Brokers norms.

As per the Sebi, Prakash Varma is sub broker affiliated with Ventura Securities.

The entities violated the stock brokers norms by granting trading terminal in the name of one Sudha Sharma and allowed other employees to execute trades in place of her in derivatives segment without mandated certification.