Sebi slaps Rs 46.5 lakh fine in shareholding disclosures case

Markets regulator Sebi today slapped a total fine of Rs 46.500000 on Hydro Sand S Industries' 5 promoters for not making shareholding disclosures within the stipulated timeline.The Securities and Exchange Board of India (Sebi) has levied the fine on Vidya Srinivasan, V Srinivasan, Suchitra Murali Balakrishnan, Narayan Sethuraman and Murali Srinivasan Venkataraman.According to Sebi, these individuals executed certain inter-se transfers amongst themselves on three occasions in March 2011 and October-December 2012. These transactions obligated them to make disclosures under the Takeover Regulations to the company and the stock exchanges.The capital markets regulator said that these individuals, being the promoters had a greater responsibility to ensure compliance with the applicable regulations.They failed to comply with disclosures during the years 2006 and 2011.The entities that have been penalised are Rakesh S Kathotia, Arti Kathotia, Kamladevi Kathotia, Rakesh S Kathotia HUF, Subhkam Monetary Services, Subhkam Properties, Subhkam Ventures and Subhkam Securities."The promoters and the company had a responsibility to comply with the disclosure requirements in accordance with their spirit, intention and purpose," Sebi said."Delayed compliance with disclosure requirements by promoters undermines the regulatory objectives and jeopardises the achievement of the underlying policy goals," it added.