Sebi fines Abhirati Trading Rs 9.5 lakh

Market regulator Sebi imposed a penalty of Rs 9.500000 on Abhirati Trading for shareholding disclosure lapses in the matter of Vakrangee Limited The Securities and Exchange Board of India (Sebi) upon suspicion of violation of various provisions of securities laws had conducted an investigation into the shares of Vakrangee. It found that the shareholding of Abhirati in Vakarangee got reduced on May 28, 2013, by 2.31% and by 2.07% on September 4, 2013. "Thus, upon the change of more than 2% of its shareholding in the company (Vakrangee), the noticee (Abhirati) ought to have disclosed in terms of ... PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeovers)," Sebi noted. However, it failed to make these disclosures and accordingly Sebi has levied a fine of Rs 9.500000 on Abhirati.