Page 5 - Penalty

Sebi levies Rs 11 lakh penalty on 7 entities for violating market norms

Capital market regulator Sebi on Monday levied fines totalling Rs 11 lakh on seven entities for flouting regulatory norms in the matter related to SS Organics Ltd (now known as Oxygenta Pharmaceutical Ltd). The regulator slapped a fine of Rs 5 lakh on SS Organics Ltd (SSOL) and Rs 6 lakh on six individuals -- Sai Sudhakar Vankineni, D Sadasiva Reddy, Gunreddy Krishna Reddy, Muralidhar Rambathri, Rajasekhar Reddy Puchakayala and Raghavender Rao. The order came after Sebi conducted an examination in respect of the process followed by SSOL for approval and disclosure of related party transactions with ARR Capital Investment Pvt Ltd. The focus of the examination was to ascertain if there was any possible violation of LODR (Listing Obligations and Disclosure Requirements) rules. The regulator found that a loan transaction of Rs 15 crore executed between ARR and SSOL, which was further extended to Rs 35 crore, was more than the turnover of the firm for FY2019-20. Hence, the transaction

Sebi penalises PMIA, directors for Rs 28 lakh for violating market norms

Sebi on Wednesday levied penalties totalling Rs 28 lakh on Pinnacle Market Investment Advisory (PMIA) and its directors for violating regulatory norms. PMIA is a Sebi-registered Investment Adviser (IA) and its directors are Abhishek Patel, Shekhar Mishra and Parul Sahu. The regulator slapped a fine of Rs 13 lakh on PMIA and Rs 5 lakh each on Patel, Mishra and Sahu. In addition, Sebi directed PMIA and its directors to resolve the complaints pending against Pinnacle in SCORES within seven days and further settle pending refunds within thirty days. Also, the regulator restrained them from the securities market and also restricted them to issue prospectus, offer document or solicit money for a period of three years. Further, the regulator prevented PMIA and its directors from selling their assets, properties and mutual funds held by them in demat and physical form for other than the purpose of making the refunds. The order came after Sebi received multiple complaints against PMIA. T

Paris-New Delhi flight incidents: DGCA slaps Rs 10 lakh fine on Air India

Aviation regulator DGCA on Tuesday imposed a fine of Rs 10 lakh on Air India for not reporting two incidents of unruly passenger behaviour onboard a Paris-New Delhi flight in December last year. This is the second time in less than a week that the watchdog has taken enforcement action against the airline in connection with unruly passenger behaviour. In a statement on Tuesday, DGCA said the incidents of passenger misbehaviour occurred on the AI-142 flight from Paris to New Delhi on December 6, 2022. One drunk passenger was caught smoking in the lavatory and not adhering to the crew instructions, and another passenger allegedly relieved himself on a vacant seat and blanket of a fellow female passenger when she went to the lavatory, it said. "Enforcement action in the form of a financial penalty of Rs 10,00,000 has been imposed on Air India for not reporting the incident to DGCA and delaying in referring the matter to its Internal Committee, which is a violation of applicable DGCA Ci

Amazon faces over $60K penalty for unsafe warehouse work conditions

US regulators have found that three Amazon warehouse facilities exposed workers to "ergonomic hazards", including putting them at high risk for lower back injuries and other musculoskeletal disorders

305 enforcement actions against airlines, individuals taken by DGCA in 2022

Aviation safety regulator DGCA took 305 enforcement actions, including imposing financial penalties against various operators and individuals, among others for non-compliance of various norms during 2022, an official statement said on Sunday. The Directorate General of Civil Aviation (DGCA) has the mandate to enforce civil air regulations, air safety and airworthiness standards. There were 305 enforcement actions taken by the regulator during the year, the DGCA said in the statement. These enforcement actions were taken against various airlines, including scheduled as well as non-scheduled operators, airport operators and flying training organisations for failing to adhere to laid down safety standards and norms and compromising safety of aircraft operations, the DGCA said. Actions were also taken against erring pilots, cabin crew, air traffic controllers (ATCOs), aircraft maintenance engineers and various post holders for non-compliance to laid down regulations and SOPs, it ...

RBI imposes penalty of Rs 13.9 lakh on Mynd Solutions for non-compliance

Non-promoter shareholding in the company exceeded the 10% ceiling prescribed for TReDS operators

RBI slaps Rs 2.66 crore penalty on Bank of Bahrain & Kuwait BSC, India ops

The Reserve Bank on Monday said it has imposed a penalty of Rs 2.66 crore on Bank of Bahrain & Kuwait BSC, India operations for non-compliance with directions on cyber security framework. In a statement, the Reserve Bank of India (RBI) said the bank failed to implement systems to detect unusual and unauthorised, internal or external activities in its database. It also failed to implement security operations centre for obtaining real-time/ near-real time information and insight into the security posture of the bank, and enable audit logs for database and operating system of servers, among others, as per the statement. A notice was issued to the bank asking it to show cause as to why penalty should not be imposed on it for failure to comply with the directions issued by RBI. "After considering the bank's reply to the notice, oral submissions made during personal hearing and additional submissions made by it, RBI came to the conclusion that the charge of non-compliance with the ...

$1-million penalty: KPMG India settles with US audit regulator PCAOB

The PCAOB found that Lakhani and certain other engagement team members signed off on blank placeholder work papers in KPMG India's electronic audit software

File tax return by Dec 31 if you haven't yet, to avoid notice and penalty

Meeting that deadline will allow you to claim refund on excess tax deducted

RBI imposes penalty on 13 cooperative banks for breaching regulatory norms

The Reserve Bank of India on Monday announced penalties on 13 cooperative banks for contravention of various regulatory norms. The penalties range between Rs 50,000 and Rs 4 lakh. The maximum penalty of Rs 4 lakh has been imposed on Shri Kanyaka Nagari Sahakari Bank, Chandrapur, and Rs 2.50 lakh fine on The Vaidyanath Urban Co-operative Bank, Beed. A penalty of Rs 2 lakh each has been slapped on Wai Urban Co-operative Bank, Satara and Indore Premier Co-operative Bank, Indore. For contravention of various norms, a penalty of Rs 1.50 lakh each has been imposed on Patan Nagarik Sahakari Bank, Patan and The Tura Urban Cooperative Bank, Meghalaya. The other banks on which have penalties been imposed are: Nagrik Sahakari Bank Maryadit, Jagdalpur; Jijau Commercial Co-operative Bank, Amravati; Eastern & North-East Frontier Railway Co-op Bank, Kolkata; Jila Sahakari Kendriya Bank Maryadit, Chhatarpur; Nagrik Sahakari Bank Maryadit, Raigarh; Jila Sahakari Kendriya Bank Maryadit, Bilaspur; .

AMCs to be penalised for delay in dividend, redemption payments: Sebi

Any delay in dividend payment beyond seven working days to attract interest charge at 15% a year; investors to get redemption money within three working days, from 10 earlier

FIR, Rs 10,000 penalty on pet owner after dog bites child in Greater Noida

An FIR has been lodged against a high-rise society resident after his pet dog bit a six-year-old child inside their building's lift in Greater Noida (West), a police official said Thursday. The Greater Noida Authority also slapped a penalty of Rs 10,000 on the pet owner and asked him to bear the medical expenses of the child. According to the complaint lodged by the police, the child was returning to his 16th-floor home in La Residentia society after school on Tuesday and he was with his mother inside their building's lift. The CCTV footage of the episode also made its way to social media, purportedly showing the dog lunging at the child and biting on his arm. There were only three people -- the child in the school uniform, his mother and the pet owner -- besides the dog in the lift at the time, the footage showed. The mother and the child were in the lift, which went to the basement of the building before going up. In the basement, another building resident entered the lift along

Sebi's tougher disclosure regime may be a challenge for India Inc

Compliance burden could go up manifold if new proposals get implemented, say legal experts

Google may face a third CCI fine in less than a month. Now for Android TV

Google has already been fined in previous two cases for "abusing its market dominant position" in connection with the Android mobile device ecosystem

Glitches in MCA portal: CAs, CS seek extension in annual filing deadline

They were protesting against glitches in the MCA portal

How three young informants made tech giant Google cough up Rs 1,338 cr fine

Three young informants, Umar Javeed, Aaqib and Sukarma Thapar finally forced the tech giant, Google to cough up a whooping fine of Rs 1,338 crore for abusing its dominant position

Using tech to crack down on insider trading: Sebi's Madhabi Puri Buch

Regulator will by next year have a system enabling data storage of trades between exchanges, ensuring work is not affected in a cyberattack

Sebi's front-running investigations rise even as overall cases dip

More probes were completed than in the previous year

Indian developers benefit from Android, Play: Google on CCI penalty

Tech giant was yesterday ordered to pay Rs 937 cr as penalty for abusing dominant position of its app store

Remain committed to users, developers; evaluating next steps: Google India

Slapped with a second hefty fine for anti-competitive practices, Google India on Wednesday said it remains committed to users and developers and is reviewing the antitrust body's order to evaluate next steps. The Competition Commission of India (CCI) on Tuesday slapped a Rs 936 crore fine on Google for "abusing" its dominant position on its Android mobile app store and ordered it not to prevent app developers from using third-party billing or payment processing services in India. That penalty came just days after a Rs 1,337.76 crore fine was imposed on it for abusing the dominant position of its Android smartphone operating system. Commenting on Tuesday's CCI order, a Google India spokesperson said Indian app developers have benefited from the technology, security, consumer protection, choice and flexibility that Android and Google Play provide. "And, by keeping costs low, our model has powered India's digital transformation and expanded access for hundreds of millions of Indians,"