Sebi imposes Rs 3 lakh fine on Salputri Commerce for delayed disclosure

Sebi has imposed Rs 3 lakh fine on Salputri Commerce for delayed disclosure regarding change in its shareholdings in Falcon Tyres.

According to a Sebi order dated August 7, Falcon had allotted over 1.30 crore shares, amounting to 16.80 per cent of its share capital, to Salputri Commerce in 2012.

Under PIT (Prohibition of Insider Trading) Regulations, Salputri was required to disclose the acquisition of shares within two working days to the firm.

In its order, Sebi said Salputri disclosed the said acquisition of shares to Falcon in June 2015 with a delay of more than three year and thereby violated PIT norms.

For the violation, the regulator imposed a fine of Rs 3 lakh on Salputri.

In a separate order, the regulator fined one Sunil Purohit Rs 2 lakh for indulging in fraudulent trading in the shares of Parsoli Corporation.