Latest News | Sebi Slaps Rs 40 Lakh Fine on Raghav Capital and Infrastructure, Three Individuals

New Delhi, Nov 3 (PTI) Markets regulator Sebi on Tuesday imposed a fine of Rs 40 lakh on Raghav Capital and Infrastructure Ltd (RCIL) and three individuals for mobilising funds from the public through illegal collective investment schemes.

Raj Kumar Raghav, Nirmala Raghav and Ritu Verma are the directors of RCIL who have been penalised.

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The company had not obtained registration for its fund mobilising activity from the public under its schemes for providing land/ plots, Sebi said in an order on Tuesday.

The watchdog noted that Raj Kumar, Nirmala and Verma were in-charge of the day-to-day affairs of RCIL. Therefore, they were engaged in fund mobilisation and were responsible for carrying out unregistered CIS (Collective Investment Scheme) activity, it added.

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The company had raised funds amounting to Rs 26.13 lakh through various schemes from May 2012 to May 2014 period.

Through a separate order passed on Tuesday, the regulator imposed a fine of Rs 3 lakh on one Snehal Bharatbhai Patel for disclosure lapses and non- compliance with summons issued by Sebi.

Sebi had conducted an investigation in the scrip of Oasis Tradelink Ltd (OTL) during January 1, 2018, to March 31, 2018 period to ascertain whether there was any violation of norms related to insider trading and takeover regulations. Patel is OTL's promoter and Compliance Officer, as per the order.

It was found that the shareholding of Patel (noticee) reduced from 5.27 per cent to 2.51 per cent on January 12-19, 2018. However, requisite disclosure was made to the company but not to BSE.

As per the order, the noticee was designated as Compliance Officer of OTL during the investigation period.

Being the compliance officer, Patel did not make disclosures to BSE on two instances each for off-market transactions of value greater than Rs 10 lakh even after becoming aware of the transactions. This was in violation of Prohibition of Insider Trading (PIT) Regulations, the order said.

"... the noticee has not denied non-submission of information... by disobeying and disregarding the summons of the IA (Investigating Authority) and non-submission of information, the noticee has failed to comply with these mandatory statutory obligations," it added.

(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)