Sebi impose Rs 2.5 lakh penalty on Ankush Finstock

Market watchdog Sebi today slapped a fine of Rs 2.500000 on Ankush Finstock for failing to to make disclosure to the stock exchange regarding the share dealings of its Managing Director within a stipulated time-frame.In its order, Sebi ( Securities and Exchange Board of India ) has imposed "a penalty of Rs 2.500000 on the noticee Ankush Finstock Limited (AFL)...for the violation of...Sebi (Prohibition of Insider Trading ) Regulations".The regulator said that Ankush Finstock had failed to make disclosures to BSE , where the firm is listed, with respect to the dealings of its Managing Director, Bharat Manubhai Shah , during the investigation period between February 28 and April 8, 2011 in the scrip of AFL.Sebi said the company's MD had bought 81,389 shares and sold 8,500 shares during the investigation period and reported about the transaction to Ankush Finstock. However, the company, in turn, failed to make the required disclosures to that effect to the stock exchange with two working days."...the company had agreed to the fact that it required to intimate the said disclosures to the BSE within two days of disclosure received from its MD," Sebi said.