Sebi slaps Rs 17 lakh fine Santowin Corp, its promoter

Market regulator Sebi today slapped a fine totalling Rs 17 lakh on Santowin Corporation and its promoter for failing to make shareholding disclosures within stipulated timeline.
The Securities and Exchange Board of India (Sebi), in two separate orders, imposed a penalty of Rs 10 lakh on Santowin Corp and Rs 7 lakh on its promoter Akshat Ashok Gupta.
According to Sebi, Gupta had acquired 9,00,886 equity shares of Santowin Corp during the month of September 2013. These acquisitions made by him on four occasions exceeded the benchmark limits.
Gupta was under an obligation to make the disclosure to the stock exchanges. However, "...Noticee (Gupta) failed to make disclosure to the stock exchange under... PIT Regulations on four occasions," Sebi noted.

Santowin Corp, being a listed company, was under an obligation to disclose to bourses, the information received from the promoter on all these four occasions. However, the company failed to make sucjh disclosures.
"The evidence produced by the noticee (Santowin Corp) in support of its submissions of having made disclosure to the BSE was found to be wrong false and misleading," Sebi said.