Sebi imposes Rs 4 lakh fine on Nirmal Kotecha in SEL case

Market regulator Sebi has imposed a fine of Rs 400000 on one Nirmal Kotecha for allegedly not making disclosure regarding his shareholding in SEL Manufacturing Company Limited In its order dated March 28, Sebi (Securities and Exchange Board of India), said "a penalty of Rs 400000 on the noticee (Nirmal Kotecha) would be commensurate with the failure of the noticee in making the mandatory disclosure in this case."The case relates to a matter of 2007. Sebi in its probe found that Kotecha had received five00000 shares of SEL in the pre-IPO placement.According to the regulator, he traded through multiple stock brokers and bought over 12.8500000 shares of SEL between August 21-27, 2007 bringing his shareholding to 11.72% and had offloaded 5.6700000 shares of the company amounting to 3.73% during the same period.Post IPO, Kotecha continued to hold 12.1700000 shares of SEL.It was alleged that Kotecha had failed to make the necessary disclosure of change in shareholding in SEL which exceeds two% of the total shareholding.