Sebi slaps Rs 25 lakh fine on 3 companies for disclosure violations

Capital market regulator Sebi has slapped a total penalty of Rs 2500000 on three firms for delay in making requisite annual disclosures from 1998 to 2011.The Securities and Exchange Board of India has imposed a penalty of Rs 900000 on Gulab Impex Enterprises and Rs 800000 each on -- Mahan Eximp and Supriya Leasing -- as the companies had "failed to make timely disclosure from the year 1998 to 2011".As per Sebi norms, every listed company has to within 30 days from the financial year ending March 31, make yearly disclosures in respect of their shareholding pattern to the relevant stock exchanges."The delay of several years clearly shows the lackadaisical attitude of the Noticee in complying with the disclosure obligations," Sebi said in three similar-worded orders dated July 28 against the companies.According to the market watchdog, by not complying with disclosure norms the companies "had not provided the vital information within the prescribed time which is detrimental to the interest of investors in securities market "."Our entire securities market stands on disclosure based regime and accurate and timely disclosures are fundamental in maintaining the integrity of the securities market," it added.It said that the trading in shares of Gulab Impex had been suspended since January 9, 2002 but the same could not absolve it from meeting the disclosure norms.