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Sebi imposes Rs 2L fine on former Mahindra Ugine Steel CEO

Press Trust of India  |  New Delhi 

Markets regulator Sebi today imposed a penalty of Rs 2 lakh on Company's former for disclosure lapses.

According to a Sebi order, Lele had not disclosed within the specified time limit, the change in his shareholding in Company -- now known as -- on April 9, 2014 and June 23, 2014.

Lele had made the disclosures only on November 25, 2015, despite the requirement of making the same within two working days, as per the order.

"... there has been a delay of around 1 year 5 months in making the said disclosure to the stock exchanges," Sebi said.

The regulator noted that correct and timely disclosures are also an essential part of the proper functioning of the securities market and failure to do so results in preventing investors from taking well informed decision.

Taking into account the delay, Sebi said that the violation committed by Lele is a fit case for imposing monetary penalty.

Accordingly, the (Sebi) has imposed a penalty of Rs 2 lakh on Lele.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 14 2018. 21:05 IST