Sebi slaps Rs 1 lakh fine on Kamalakshi Finance, 4 promoters

Market watchdog Sebi today imposed a total penalty of Rs one00000 on Kamalakshi Finance Corporation and its four promoter entities for allegedly not complying with disclosure norms.Similarily, Sebi has also imposed Rs 50,000 fine on company promoters -- Lakshmi Kant J Tanna Dipak K Tanna and Trisect Investments and Trading -- which is to be paid "jointly and severally" by them.Sebi said that Kamalakshi Finance "had not made the disclosure to the exchange...hence, there was no dissemination of information to the general investor as regards changes, if any, inter alia with respect to the holdings of promoters or person(s) having control over the company".It also said that the four entities "being promoters and part of the promoter group of a listed company had a responsibility in ensuring compliance to disclosure norms under the Takeover Regulations".As per the regulations, a company is required to make yearly disclosures regarding change in shareholding pattern within 30 days from the financial year ending March 31 to stock exchanges on which it is listed.Further, a person and his PACs (persons acting in concert) holding shares or voting rights entitling him to exercise 15% or more of the voting rights in a company is required to disclose their aggregate shareholding and voting rights as of March 31 within a given time period.The matter came to light while Sebi was examining a open offer document submitted by the company, last year.