Sebi fines Brijlaxmi Leasing & Finance directors for non-disclosures

Capital markets regulator Sebi has imposed a total penalty of Rs 2300000 on three promoter- directors of Brijlaxmi Leasing and Finance for non-compliance with the disclosure requirements.Sebi noted in similarly-worded orders that the three, being promoters and directors of the Brijlaxmi Leasing, had "transacted in substantial number of shares of the company, but failed to fulfill...duty of making necessary disclosures to the stock exchange".It also noted that the directors had violated disclosure norms on more than one occasion and that such activities were "detrimental" to the interest of capital market investors.As per Sebi norms, directors of listed companies has to disclose to the company and the relevant stock exchange, if there has been a change in their shareholding which exceeds Rs 500000 in value or 25,000 shares or 1% of total stake, whichever is lower.Brijlaxmi Leasing and Finance listed on BSE . In a separate case, Sebi has slapped "a penalty of Rs 300000" on Neha Jainarain Agarwal, who was a promoter Jaipan Industries , for not making necessary disclosures with regard to change in her shareholding pattern.Sebi found that Agarwal was holding 50,000 shares of the company at the end of March quarter. Later, she had acquired additional 25,338 shares. However, she did not make the necessary disclosures to BSE.In yet another case, the regulator also slapped a penalty of Rs 400000 on Vizwise Commerce Private Limited for failing to make required disclosures about its shareholding in Seasons Textiles to BSE and the company.It was observed that the noticee disposed 2.5000000 shares of Season Textiles (representing 3.34% stake of the firm) on June 18, 2013 and 2.9800000 shares (amounting to 3.98% on June 25, 2013.However, the entity failed to make the necessary disclosure as required under the norms which mandate entities to disclose every acquisition or disposal of shares that amount to two% or more stake of a company.