New Delhi, Nov 25 (PTI) Capital markets regulator Sebi has imposed fines totalling Rs 6 lakh on six individuals for disclosure lapses while dealing in the shares of Alora Trading Company Ltd (ATCL).

Securities and Exchange Board of India (Sebi) had conducted an examination in the dealings of ATCL shares for January-September 2017 period.

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It was found that the individuals continuously sold the shares during March 17-28, 2017. Subsequently, their cumulative shareholding reduced by more than 2 per cent.

However, they failed to comply with the disclosure obligations triggered during that period.

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For the lapses, the watchdog has imposed a fine of Rs 1 lakh each on the six individuals, according to an order passed on Tuesday.

In a separate order, Sebi imposed a fine of Rs 3 lakh on Modern Trading Business Pvt Ltd for disclosure lapses with respect to dealing in the shares of The Byke Hospitality Ltd.

According to the regulator, Modern Trading Business had exceeded the limit of acquisition of 5 per cent shareholding in the company, which triggered disclosure requirement. However, the entity failed to do so.

Sebi also noted that Modern Trading Business did not respond to its comunications during the investigation nor did it respond to any of the communications made during the adjudication proceedings.

Separately, the regulator on Wednesday imposed Rs 2 lakh penalty on Shreeji Industries Ltd for its failure to obtain SCORES authentication till date and for not addressing pending grievance of one investor within the timeline specified by it.

Through another order on Wednesday, the regulator levied a fine of Rs 2 lakh on Kapstone Constructions Pvt Ltd for not making timely disclosures regarding financial results of the company for the half-year ended March 31, 2019.

(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)