Business Standard

Sebi levies Rs 65 lakh fine on Helios and Matheson Information Technology for disclosure lapses


Press Trust of India New Delhi
Markets regulator Sebi on Thursday levied a total fine of Rs 65 lakh on Helios and Matheson Information Technology Ltd for disclosure lapses and violation of listing agreement.
The company failed to make requisite disclosure to the stock exchanges on many accounts, Sebi said in an order.
Credit rating agency Crisil downgraded the ratings of the firm on account of several factors, including deteriorating liquidity. However, the firm neither disclosed the revised ratings of Crisil to stock exchanges nor disseminated the revised ratings through its website, it said.
Besides, the company failed to make disclosures regarding arrest of its three top executives by Economic Offences Wing for failing to repay public deposit and interest.
The firm also suppressed the legal orders passed against it.
Sebi said the firm was "required to immediately inform the stock exchanges of all the events, which will have bearing on the performance/operations of the company as well as price sensitive information."

However, the firm failed to do so.
Accordingly, Sebi levied a total fine of Rs 65 lakh on the company for violating several market norms.
Through separate orders, Sebi imposed a total fine of Rs 36.3 lakh on three entities for indulging in fraudulent trading in illiquid stock options on the BSE.
It imposed a fine of Rs 25 lakh on Umang Nemani, Rs 6.2 lakh on Y T Capital Pvt Ltd and Rs 5.1 lakh on Dimension Steel & Alloys Pvt Ltd.
"People who indulge in manipulative, fraudulent and deceptive transaction, or abet the carrying out of such transaction which are fraudulent and deceptive should be suitably penalized for such acts of omissions and commissions," Sebi said.
The entities have been fined by the regulator for contravening PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations.

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First Published: Feb 27 2020 | 7:06 PM IST

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