Sebi slaps nearly Rs 32 lakh fine on 12 entities

Sebi today imposed a total penalty of nearly Rs 3200000 on twelve entities for failing to make timely disclosure about purchase of shares in certain companies.The watchdog has penalised Asit Mehta and 10 other entities for not making timely disclosures about acquisition of shares in Asit C Mehta Financial Services (ACMFSL). A fine of Rs 2500000 has been imposed on the 11 entities.In a separate case, a penalty of Rs 6.500000 has been slapped on Enakshi Impex for similar violation with regard to its purchase of shares in Mahan Industries . Besides, Enakshi Impex failed to submit complete information to the regulator.With regard to ACMFSL case, a Securities and Exchange Board of India (Sebi) probe found that Asit Mehta along with the 10 entities had acquired shares but required disclosures were not made."The noticees (the 11 entities) by not making public announcements on both the occasions, on acquiring shares of ACMFSL, have not only failed to comply with the provisions of SAST (Substantial Acquisition of Shares and Takeovers) Regulations, but have also deprived the shareholders of the exit opportunity at the relevant time which has to be viewed seriously," Sebi said in its order.Meanwhile, Sebi fined Enakshi Impex for its failure to make timely disclosure regarding acquisition of shares in Mahan Industries."Moreover, by not submitting complete details in response to summons, including those relating to bank and demat statements which could have shown the fund flow and securities flow, and by not appearing before the Investigating Authority for answering queries / giving explanations/ clarifications despite having received the summons compromises the regulatory framework and hampers the investigation," it added.