Sebi slaps Rs 5 lakh fine on promoter-MD of Pyramid Saimira

Market regulator Sebi today imposed a penalty of Rs five00000 on promoter and Managing Director of Pyramid Saimira Theatre Limited (PSTL), PS Saminathan , for alleged failure to make disclosures regarding his stake in the firm.Securities and Exchange Board of India (Sebi) said it is imposing "a penalty of Rs five00000... on the Noticee which will be commensurate with the violations committed by him.It was alleged that there was a change in Saminathan's shareholding during the period from October 24, 2008 to December 5, 2008 when he purchased and sold a total of 8.4400000 shares and 6,000 shares respectively of PSTL in market transactions.As per the norms, Saminathan was under obligation to disclose the change in shareholding of more than 25,000 shares, on various occasions in 2008. However, he made the disclosure only on December 19, 2008."...the disclosure was made only on December 19, 2008 for the acquisitions and sale of shares from November 19, 2008 to December 05, 2008," Sebi said.Further, Sebi noted that Saminathan "has failed to make disclosure for change in the shareholding exceeding 25,000 shares on October 24, 2008"."The noticee, being the Promoter, Chairman and Managing Director of the company had more responsibility in ensuring the compliance of disclosure norms," Sebi noted.