Latest News | Sebi Slaps Rs 15 Lakh Fine on Individuals, Entities

New Delhi, Dec 23 (PTI) Capital markets regulator Sebi on Wednesday slapped a total fine of Rs 15 lakh on five individuals and five entities for disclosure lapses while dealing in the shares of Super Sales India Ltd (SSIL).

In an order, Sebi said the entities and individuals belonged to the Bharat Patel Group.

Sebi had conducted an investigation into the trading activities of the Bharat Patel Group entities in the scrip of SSIL between December 15, 2011, and October 9, 2014.

It was found that some of them in the group failed to make necessary disclosures under the Prohibition of Insider Trading (PIT) norms on several instances when there were changes in their shareholdings in SSIL.

Also, during various incidents, some of them as persons acting in concert and acquirers to the Bharat Patel Group failed to comply with takeover regulations, as per Sebi.

For the violations, the watchdog has imposed a fine of Rs 2 lakh each on Bharat Jayantilal Patel, Minal Bharat Patel, Hardik Bharat Patel, Prashant Jayantilal Patel and Hridaynath Consultancy Pvt Ltd.

Besides, a fine of Rs 5 lakh has been imposed on Bharat Jayantilal Patel, Minal Bharat Patel, Hardik Bharat Patel, Ruchit Bharat Patel, PAT Financial Consultants Pvt Ltd, Fidelity Multitrade Pvt Ltd, Pasha Finance Pvt. Ltd, Prashant Jayantilal Patel and Superior Financial Services Consultancy Pvt Ltd, payable jointly or severally.

(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)