Markets regulator Sebi today imposed a total penalty of Rs 31 lakh on three entities for disclosure lapses with regard to trading in the shares of Pro Fin Capital Services Ltd (PFCSL).
The regulator has imposed a fine of Rs 15 lakh on Naresh Laxminarayan Grover and Rs 8 lakh each on Anupam Narain Gupta and Triyamb Securities.
While Gupta and Triyamb Securities are the promoters of PFCSL, the former is also the firm's director.
Sebi had conducted a probe in the share trading of PFCSL for the period from July 2012 to January 2014, following which it was revealed that no disclosures were made under various regulations of PIT (Prohibition of Insider Trading) Regulations and SAST (Substantial Acquisition of Shares and Takeovers) Regulations, by the three entities.
Grover had purchased 19,953 shares of PFCSL in November 2013, after which his shareholding in the firm increased to 5.27 per cent, which triggered disclosure requirement.
In an order, the Securities and Exchange Board (Sebi) noted that Grover has neither made any disclosures to PFCSL as required under PIT Regulations nor to the firm and the stock exchange as required under SAST Regulations.
Gupta and Triyamb Securities had also not disclosed the change in their shareholding pattern in PFCSL to BSE as well as to the company on various occasions, according to Sebi.
The regulator noted that violations occurred during January 2013 and January 2014. As per records, no disclosures were made by the three entities despite the requirement of making them within two working days.
Therefore, there is a delay of around three years and eight months in making the disclosure and the violation continues as three entities have not made the disclosures till date to the stock exchange and the company as appears from the BSE website, Sebi said.
In a separate order, the regulator imposed a total penalty of Rs 32 lakh on eleven entities for violating SAST Regulations with respect to acquisition of shares of PH Trading.
They are Vikram Himatsingka (HUF), Aditi Himatsingka, Prakash Himatsingka, Madhuri Himatsingka, Vikram Himatsingka, Ravi Shankar Jhunjhunwala, Avishek Himatsingka, Anuradha Himatsingka, Ajit Kr Bhuwalka, Variable Plaza and Himatsingka Chemicals.
In another order, Sebi levied a fine of Rs 10 lakh on ten entities for disclosure violations in the matter of Fibreweb India Ltd.
They are Pravin V Sheth, Unnati P Sheth, Abhishek Agarwal, Anilkumar Agarwal, Mitesh Anil Agarwal, Manisha Gupta, Pragna P Patel, Sulochanadevi Anilkumar Agarwal, Bhavesh P Sheth, Gayatri Pipes and Fittings. They have to pay the fine 'jointly and severally'.
Apart from Gayatri Pipes and Fittings, the rest are promoters of the firm.
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