Sebi fines Hanuman Sugar and 8 entities Rs 21 lakh for disclosure lapses

live bse live nse live Volume Todays L/H More × Markets regulator Sebi imposed a total fine of Rs 2100000 on Shree Hanuman Sugar and eight other entities for disclosure lapses regarding change in their shareholding in the company. In an order, the regulator fined the entities for violating PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeovers) Regulations. The Securities and Exchange Board of India (Sebi) conducted an examination into shareholding pattern of the entities from March to December, 2014 after it received a complaint. During the examination, Sebi found that the entities had acquired shares of Hanuman Sugar on numerous instances due to which the change in their shareholding was more than 2% and some of the entities had already acquired more than 5% stake in the firm. Under PIT and SAST provisions, an entity which holds more than 5% shares in any listed company is under obligation to make requisite disclosures to the company and exchanges in two working days. Besides, if there is a change of more than 2% in the shareholding of an entity already having over 5% stake in the firm, it is required to make disclosures to the exchanges and the company in two working days. However, the entities failed to do so, the regulator noted and thereby violated PIT and SAST norms. With regard to Hanuman Sugar, it failed to disclose the change in the holding of promoters to the stock exchanges. Accordingly, Sebi imposed a penalty of Rs 300000 on -- Bimal Nopany, Nandini Nopany, Nopany Investments Pve Limited Shruti Vora -- promoters of the firm while the regulator fined NNP Trading and Investments, Indian Die-Casting Company, Kolhapur Forge and Shruti Limited Rs 200000 each. Moreover, regulator imposed a fine of Rs 100000 on Shree Hanuman Sugar and Industries.