- Stock Market Live News Today: Nifty, Sensex gain over 2% each; bank, metal stocks shine
- RBI Monetary Policy Review: Top 20 statements from Governor Shaktikanta Das' MPC address
- 5G rollout: Xiaomi India shares big update on data packs, plans, bundled offers | Interview
- RBI Monetary Policy: Offline Payment Aggregators come under regulatory purview; on parity now with online peers
- Twitter shares update to make video experience better - Step-by-step guide
Sebi fines Radford Global Rs 30 lakh for violating listing norms, failing to provide info
Markets regulator Sebi Tuesday slapped a fine of Rs 30 lakh on Radford Global for violating listing norms and failing to provide information sought by the regulator.
After conducting a probe between February 2012 and March 2014 in the trading of Radford's shares, the regulator sought documents with regard to physical transfer of shares by the company to certain entities.
Despite repeated summons in 2017, the firm failed to furnish the information required, Sebi said.
Further, the regulator observed that the firm made a preferential allotment in February 2012, and the proceeds of the allotment funds were utilised for the purpose other than its disclosed objective.
Under the listing agreement norms, the firm was required to furnish on a quarterly basis a statement to exchanges for variations between projected utilisation of funds and actual utilisation of funds, the regulator said.
However, no such disclosures were made to the exchanges, the Securities and Exchange Board of India (Sebi) noted.
Accordingly, Sebi fined the firm Rs 10 lakh for failing to provide information and Rs 20 lakh for violating listing agreement norms, totalling Rs 30 lakh.
In a separate order, Sebi imposed a fine of Rs 5 lakh on Kolkata-based K B Sponge Iron for executing fraudulent trade and, thereby, creating artificial volume in the illiquid stock options segment of the BSE.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.