Sebi slaps Rs 15 lakh fine on 11 entities for non-disclosures

Capital market regulator Sebi today imposed a collective fine of Rs 15 lakh on 11 entities for failing to make requisite disclosures about change in their shareholding in Suraj Ltd to the stock exchanges last year.
In an order, Sebi said it is imposing "a consolidated penalty of Rs 15 lakh on all the noticees -- Trishla Comtrade, Tarang Impex, Tanu Trades, Tunis Retail, Rose Retails, Real Enterprise, Rangoli Commodities, Ratin Trexim, Manusi Securities Frontline Biosystems and Rushil Exim" for not complying to disclosure norms.
The Securities and Exchange Board of India (Sebi) found that the entities had not made disclosure with respect to their collective acquisition of 10,72,040 shares of Suraj amounting to 5.6 per cent stake in the company on February 15, last year.

As per norms, if any entity has to acquire stake of 5 per cent or more in a company, has to make disclosures about their change in the shareholding to that company and the bourses within two working days.
The capital market regulator had conducted an examination in the scrip of Suraj, listed on the BSE, during the period February 1, 2013 to July 31, 2013 wherein the price of the scrip of the company had fallen from Rs 56.60 to Rs 28.65 apiece.
The entities had admitted to Sebi that they were collectively holding more than 5 per cent shares of Suraj but were "unaware" of the disclosure norms.