Latest News | Elcid Investments Settles Disclosure Lapses Case with Sebi; Pays Rs 17.3 Lakh
Get latest articles and stories on Latest News at LatestLY. Elcid Investments Ltd has settled with markets regulator Sebi a case pertaining to failure to maintain a structured digital database and disclosure lapses after paying Rs 17.31 lakh towards settlement amount.
New Delhi, Jun 24 (PTI) Elcid Investments Ltd has settled with markets regulator Sebi a case pertaining to failure to maintain a structured digital database and disclosure lapses after paying Rs 17.31 lakh towards settlement amount.
This came after Elcid Investments filed an application with the Securities and Exchange Board of India (Sebi) requesting for settlement of the adjudication proceedings for the alleged violations through a settlement order.
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"The instant adjudication proceedings initiated against the applicant vide show cause notice... dated October 31, 2023 is disposed of," Sebi said in its settlement order.
In its show cause notice, the regulator alleged that Elcid Investments failed to maintain a structured digital database during the investigation period. Also, it failed to disclose Jatin Saraiya's (part of the promoter group of Elcid Investments) joint shareholding of 50 shares with his spouse for the quarters ended on December 2021 to June 2022.
This led to the alleged violations of insider trading rules and LODR (Listing Obligations and Disclosure Requirements) norms, it added.
The notice was issued after Sebi conducted an investigation to verify compliance with the provisions of securities law by Elcid Investments Ltd after receiving complaints through SCORES. The period of the investigation was from March 9, 2022 to May 13, 2022.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)