Sebi slaps Rs 22 lakh on 4 entities for delay in disclosures

Capital market regulator Sebi today imposed a total penalty of Rs 2200000 on four entities for failing to make disclosures within the stipulated time. As per Sebi norms, every listed company has to within 30 days from the financial year ending March 31, make yearly disclosures to all the relevant stock exchanges in respect of its shareholding pattern.Further, a promoter of every target company has to together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the March 31, in such a firm, within 7 working days.In a separate case, Sebi has slapped a fine of Rs 400000 on Apexa Jagdishbhai Patel for fraudulent trading activities in shares of Aarey Drugs and Pharmaceuticals Limited (ADPL).Sebi in an order today said that Patel had "executed synchronised trades in the scrip of ADPL which had resulted in creation of artificial volume in the scrip of ADPL leading to false and misleading appearance of trading in the scrip"."Further, this has also artificially increased the price in the scrip and hence is fraudulent in nature," it said.The case relates to market regulator's Sebi probe into the trading of shares of three companies including ADPL for the period January 1, 2009 to August 31, 2009.