Markets regulator Sebi today imposed a total penalty of Rs 5.60 lakh on Eduexel Infotainment and one Vinod Dugar for disclosure lapses.
According to two separate orders, Sebi has levied a fine of Rs 3 lakh on the firm for violating PIT (Prohibition of Insider Trading) Regulations and Rs 2.60 lakh on Dugar for breaching SAST (Substantial Acquisition of Shares and Takeovers) Regulations.
The Sebi orders have come following investigations in the shares of Eduexel Infotainment Ltd (EIL) during the period from January to December, 2014.
According to the orders, during the quarter ended June, 2014, Dugar was holding 6.50 lakh shares or 7.68 per cent of the total share capital of EIL. Thereafter, Dugar sold over 2.48 lakh shares, or 2.94 per cent, of the total share capital of the company.
Dugar had made disclosures to the firm regarding transaction of the shares.
"The noticee (EIL), being a listed company, was in receipt of disclosures received under... the PIT Regulations from Vinod Dugar and in turn committed a delay of 257 days in making disclosures of the same to the BSE," the Securities and Exchange Board of India (Sebi) said in one of the orders.
In the order against Dugar, the regulator said the individual had committed a huge delay of 524 days in making disclosures to the BSE, which is not in timeline stipulated under the SAST Regulations.
In another order, Sebi imposed a penalty of Rs 7.50 lakh on one Madhu Mohan Reddy for violating SAST and PIT Regulations in the matter of Midfield Industries Ltd.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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