Latest News | Sebi Fines Individuals, Entity in Four Different Cases

New Delhi, Nov 24 (PTI) Markets regulator Sebi has imposed fines totalling Rs 9 lakh on three different individuals and an entity for various violations in four cases.

On Monday, a fine of Rs 3 lakh was imposed on Nitin Ajage for violating insider trading norms while dealing in the scrip of Dynamatic Technologies Ltd (DTL).

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Ajage had traded shares worth more than Rs 10 lakh in the quarter ended September 2016, which required a disclosure to be made to DTL under the Prohibition of Insider Trading (PIT) Regulations. However, he admittedly failed to do so.

Besides, he was obligated to obtain pre-clearance from DTL's compliance officer for trading in the company's scrip but that was also not done. This was in violation of the Conduct for Prevention of Insider Trading framed by DTL, as per an order.

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In two separate orders passed on Monday, Sebi imposed a penalty of Rs 2 lakh each on Anil Kumar Gilra and Harishankar Paper Products for violating takeover norms in the matter of Cosboard Industries.

As promoters, they had failed to make necessary disclosures to the BSE regarding pledged shares.

The regulator, through an order passed on Monday slapped a fine of Rs 2 lakh on an individual -- Pragnaben Suryakant Shah -- for disclosure lapses in the matter of Gala Global Products Ltd.

According to an order passed on Friday, an individual -- Chainroop Dugar -- has settled a case of alleged violation of takeover norms by paying Rs 3 lakh towards settlement charges to Sebi.

Dugar had filed an application with the regulator proposing to settle the matter with respect to acquisition of shares of Pearl Polymers Ltd.

(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)