Sebi slaps Rs 11.50 lakh fine on 4 entities in DSJ Shares case

Market regulator Sebi has imposed a total penalty of Rs 11.5000000 on four entities including two directors of DJS Shares and Stocks for not making timely disclosures regarding their stake in the company.5000000 on K Annamalai and Rs 300000 each on Prakash Devidas Securities and Prakash Devidas Shah According to Sebi, K Annamalai and Prakash Devidas as directors of DJS Shares traded in the scrip of the company but failed to make necessary disclosures to the company and the stock exchange within the stipulated time, as per the norms.These individuals currently do not figure in the list as DSJ Shares directors, as per the details on BSE.As per norms, a director of a listed company, is required to disclose to the company the total number of shares or voting right held and any change in this regard, within a prescribed time limit.In the case of Sohesh Prakash, said to be PAC to the firm's promoter, had acquired shares/voting right in the company which crossed 14% as a result of which he was required to make disclosure."Since the transaction was inter-se transfer amongst the promoters, noticee was required to file report...it was observed that noticee failed to submit necessary report within time limit as prescribed," Sebi said in its order.Similarly, disclosures were not made by Prakash Devidas Securities regarding its shareholding in the company.In the case of Prakash Devidas Securities it was observed that its stake in the company reduced from 7.03% to 3.90% which required the entity to make disclosures.As per the details in the order DJS Shares with registered office at Coimbatore was promoted by Prakash Devidas Shah to carry out share broking activity.