Sebi slaps Rs 3.4 mn penalty on five individuals over disclosure lapses

Regulator Sebi Friday imposed a fine of Rs 3.4 million on five individuals for disclosure lapses regarding the change in their shareholdings in Parichay Investments.

In five separate but similarly worded orders, Sebi said the individuals violated SAST (Substantial Acquisition of Shares and Takeovers) and PIT (Prohibition of Insider Trading) regulations.

A fine of Rs 1.8 million has been imposed on Krunal Gopaldas Rana, Rs 600,000 each on Sanjay Jethalal Soni and Krupa Sanjay Soni, Rs 300,000 on Shweta Dhiren Agarwal and Rs 100,000 on Mahesh Somabhai Desai, as per the orders.

The regulator had conducted an investigation in the scrip of Parichay during July to August 2011. It was found that all the individuals' shareholding crossed the threshold of 5 per cent and the change in the holding was more than 2 per cent on several occasions.

 

Under the SAST and PIT provisions, disclosures are required regarding the change in holding to the exchange and the company. But these individuals failed to make the requisite disclosures.