Sebi slaps Rs 9.50 lakh penalty on two companies

Market watchdog Sebi has imposed a total penalty of Rs 9.50 lakh on Gagan Polycot India and Atlas Jewellery India for delay in making relevant disclosures to stock exchanges.
Sebi imposed a penalty of Rs 6.50 lakh on Gagan Polycot India and Rs 3 lakh fine on Atlas Jewellery India for failing to make yearly disclosures with regard to their shareholding patterns.
In an order, Sebi said that Gagan Polycot had not made disclosures for financial years from 1997-98 to 2008-09 within the stipulated time.
In another order, the market regulator observed that Atlas Jewellery did not make disclosures during the period from 2006 to 2011 within the stipulated time.

Under Sebi norms, every company has to within 30 days from the financial year ending March 31 make yearly disclosures to all stock exchanges where it is listed in respect of its shareholding pattern.
"As a listed company, the noticee had a responsibility to comply with the disclosure requirements in accordance with their spirit, intention and purpose so that the investors could take a decision whether to buy, sell, or hold the noticee's securities," the Sebi order dated June 30 said.

In a separate case, Sebi imposed "a penalty of Rs 5 lakh on SICPA (India) Ltd (presently known as SICPA India Pvt Ltd)" did not make disclosure with respect to sale of shares of Brushman (India).

As per Sebi norms, SICPA was required to make disclosures regarding change in its shareholding in Brushman within two working days of the sale of shares, which had exceeded 2 per cent of total shareholding or voting rights in the company.
SICPA had sold 18.74 lakh shares of the firm during the period March 23, 2010, and May 17, 2010, according to the Sebi order.