Sebi slaps Rs 8 lakh fine on four individuals in Oregon Commercial case

Sebi today imposed Rs 8 lakh penalty on four individuals for not making relevant disclosures with regard to transactions in Oregon Commercial shares.

In four separate but similarly worded orders, the regulator said it had conducted an investigation in the scrip of Oregon Commercial, now known as Saianand Commercial in two phases, one from January to August, 2010 and another during August 2010-January 2011.

During the investigation, the four individuals acquired and disposed shares of Oregon on several occasions.

Under PIT (Prohibition of Insider Trading) Regulations and SAST (Substantial Acquisition of Shares and Takeovers) norms, they were required to make necessary disclosures to the Oregon and the exchange where the shares of the company are listed.

However they failed to make disclosures under PIT and SAST norms hence "liable for monetary penalty" Sebi said in an order, and imposed a fine of Rs 8 lakh on Krunal Gopaldas Rana, Arif Gulam Mustufa Shaikh, Miteshgiri Chandrangiri Goswami and Nilesh R Pandya.

In a separate order, Sebi imposed a penalty of Rs 2 lakh on Oregon Commercial for not making corporate announcement to the exchange regarding the change in the management of the company and thereby violating LODR (Listing Obligations and Disclosure Requirements) Regulations.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)