Sebi slaps Rs 10 lakh fine on Alka Securities promoter
- Mad rush, chaos as Arvind Kejriwal takes local train to woo 'aam aadmi' in Mumbai
- SC defers hearing on Sahara's plea on releasing Subrata Roy
- IAF aircraft on standby for missing Malaysian Airlines search ops
- Presidential delay in mercy petitions: SC won't reconsider verdict
- Lalu loyalist-turned rebel Ram Kripal Yadav joins BJP
Market regulator Sebi today imposed a penalty of Rs 10 lakh on one of the promoters of Alka Securities Ltd (ASL), Mahendra Pandey, for alleged violation of disclosure norms.
The order comes about a year after the Securities Appellate Tribunal (SAT) had set aside Sebi's penalty against Pandey related to non-compliance with the disclosure norms.
At the time, SAT had directed Sebi to proceed afresh in the case on the ground that the findings of adjudicating officer did not clarify if Pandey was an officer of the ASL.
As per norms, a disclosure has to be made by a person who is a director or officer of a listed company.
In its latest order, Sebi imposed a fine of Rs 10 lakh on Pandey confirming that he is a promoter of ASL and also appointed "Principal Officer" to take care of the firm's
"Since, the noticee is the promoter and Principal Officer of a Sebi registered intermediary, he is vested with a higher responsibility to make timely disclosures and adhere to the various rules and regulations under the securities laws," Sebi said in its order.
Sebi said it is evident that there was a change in the shareholding of Pandey as he sold more than 25,000 shares of ASL on three occasions and also bought more than 25,000 shares of the company on four occasions.
As per regulators norms he was required to make the necessary disclosures regarding the change in shareholding pattern to the company and the stock exchange which he failed to do, Sebi said.
- Rs 1.28 lakh looted at gunpoint
- Venkaiah Naidu sure of BJP crossing ‘magic figure’ in south India
- AAP candidates truly ‘aam aadmi’: Prithvi Reddy
- Bangalore fund-raiser: Dine with Arvind Kejriwal for Rs 20,000
- AAP sounds Gul Panag about Lok Sabha poll, father says decision soon
- The real high and low: Drunk cop creates ruckus in court, held