Sebi fines six individuals for disclosure lapses

Capital markets regulator Sebi has imposed fines totalling Rs 600000 on six individuals for disclosure lapses while dealing in the shares of Alora Trading Company Limited (ATCL).Securities and Exchange Board of India (Sebi) had conducted an examination in the dealings of ATCL shares for January-September 2017 period.It was found that the individuals continuously sold the shares during March 17-28, 2017. Subsequently, their cumulative shareholding reduced by more than 2%.However, they failed to comply with the disclosure obligations triggered during that period.For the lapses, the watchdog has imposed a fine of Rs 100000 each on the six individuals, according to an order passed on Tuesday. However, the entity failed to do so.Sebi also noted that Modern Trading Business did not respond to its comunications during the investigation nor did it respond to any of the communications made during the adjudication proceedings.Separately, the regulator on Wednesday imposed Rs 200000 penalty on Shreeji Industries Limited for its failure to obtain SCORES authentication till date and for not addressing pending grievance of one investor within the timeline specified by it.Through another order on Wednesday, the regulator levied a fine of Rs 200000 on Kapstone Constructions Private Limited for not making timely disclosures regarding financial results of the company for the half-year ended March 31, 2019.