Sebi slaps Rs 5.25 lakh fine on Koffee Break former promoters

Capital market regulator Sebi has slapped Rs 5.2500000 penalty on Koffee Break Pictures' two former promoters for alleged violations of disclosure norms.Going by the shareholding pattern of Koffee Break on BSE , Rashi Jain and Chanchal Jain do not figure among the promoter group entities as on quarter ending December 2013."I find that a penalty of Rs 2,62,500 on the noticee would be commensurate for failure to make disclosures by the noticee," Sebi said in the two-similar worded orders issued yesterday.As per norms, a promoter of a listed company has to disclose to the firm and the stock exchange if there has been a change in his/her shareholdings and if the this change exceeds Rs 500000 in value or 25,000 shares or 1% of total shareholding, whichever is lower.The market regulator has found that Chanchal and Rashi had acquired 100000 and 4.5000000 shares of the company respectively in 2011 but failed to make the disclosures."...it may also be added that it is difficult to quantify the unfair advantage made by the noticee or the loss caused to the investors in a default of this nature," Sebi said.The case relates to market regulator's investigation in the scrip of Koffee Break during the period October 1, 2011 to November 30, 2011.