Sebi slaps Rs 6 lakh fine on two entities for non-disclosures

Capital markets regulator Sebi today imposed a Rs 600000 penalty on two entities for failing to disclose the changes in shareholding pattern of Turbotech Engineering.The Securities and Exchange Board of India (Sebi) found that two entities -- Shah Space Manager Private Limited and Darshit Hydro Power Project Private Limited -- had offloaded shares of Turbotech in the market but failed to make disclosures regarding decrease in their stakes to the company.In two similarly-worded orders the regulator imposed "a penalty Rs 300000" each on Shah Space Manager and Darshit Hydro Power.Shah Space held 23.5000000 shares amounting to 9.79% stake in Turbotech, while Darshit Hydro Power had 28.5000000 shares (11.88% stake) till the quarter ending September 30, 2012. The transactions by the entities were made in October 2012.As per the norms, an entity is required to make the disclosure regarding the change in its shareholding to the stock exchanges and to the company concerned within two working days of the disposal of shares.While noting that the entities had made disclosures to the BSE, where Turbotech is listed, they had not submitted any disclosures to the company.Sebi had conducted a probe into the scrip of Turbotech during the period October 18, 2012 to March 7, 2013.