Business Standard

Sebi levies Rs 13 lakh fine on promoters of Ybrant Digital for disclosure lapses


Press Trust of India New Delhi
Markets regulator Sebi on Friday levied a total fine of Rs 13 lakh on three promoters of Ybrant Digital for failing to make requisite disclosures to BSE as well as the company regarding change in their shareholding in the firm.
Through separate orders, Sebi imposed a fine of Rs 8 lakh on Mundi Enterprise Ltd, Rs 2 lakh on Probus Capital Ltd and Rs 3 lakh on Karusala Venkata Subbarao.
During an investigation between January 2013 and March 2013, Sebi noted certain non-compliances by the promoters with respect to Prohibition of Insider Trading (PIT) Regulations.
It was noted that shareholding of the promoters had changed by more than 25,000 shares on several instances and they were required to make requisite disclosures to the bourses as well as the company within the stipulated period under PIT norms. However, they failed to do so.
Sebi said that promoters of a listed firm are obliged to disclose to the company and the stock exchanges about change in their shareholding if the change in holding from the last disclosure exceeds Rs 5 lakh in value or 25,000 shares or 1 per cent of total shareholding, whichever is lower.
"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," Sebi said in similarly worded separate orders.
In a separate order, Sebi imposed a fine of Rs 5 lakh on commodity broker Prrsaar Commodities Pvt Ltd for failing to segregate money of clients and using the funds of credit balance clients for debit balance clients and for own purpose.

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 27 2019 | 6:25 PM IST

Explore News