SEBI SLAPS RS 8
LAKHS FINE ON FOUR INDIVIDUALS IN OREGON COMMERCIAL CASE & RS 2 LAKHS ON
OREGON FOR VIOLATIONS OF PIT , SAST AND LODR NORMS.
BUYING
OF OREGAN COMMERCIAL SHARES BY INVESTORS
SEBI on 25 July 2018 imposed Rs 8 lakh penalty on four individuals for
not making relevant disclosures with regard to transactions in Oregon
Commercial shares.
In four separate but
similarly worded orders, the regulator said it had conducted an investigation
in the scrip of Oregon Commercial, now known as Saianand Commercial in two
phases, one from January to August, 2010 and another during August 2010-January
2011.
During the
investigation, the four individuals acquired and disposed shares of Oregon on
several occasions.
Offences
under PIT and SAST Regulations
Under PIT (Prohibition
of Insider Trading) Regulations and SAST (Substantial Acquisition of Shares and
Takeovers) norms, they were required to make necessary disclosures to the
Oregon and the exchange where the shares of the company are listed.
FAILURE
TO MAKE DISCLOSURES UNDER PIT & SAST Regulations
However they failed to
make disclosures under PIT and SAST norms hence "liable for monetary
penalty" Sebi said in an order, and imposed a fine of Rs 8 lakh on Krunal
Gopaldas Rana, Arif Gulam Mustufa Shaikh, Miteshgiri Chandrangiri Goswami and
Nilesh R Pandya.
Failure
in not Making Announcement under LODR by Oregon
In a separate order,
SEBI imposed a penalty of Rs 2 lakh on Oregon Commercial for not making
corporate announcement to the exchange regarding the change in the management
of the company and thereby violating LODR (Listing Obligations and Disclosure
Requirements) Regulations.
What Compliance Officers' of Listed Companies Could Learn from the above SEBI Order ?
1. Individual investors who buys shares of a listed entity beyond a limit
should intimate to the company and to the stock exchange within a prescribed
time limit under Under PIT (Prohibition of Insider Trading) Regulations and
SAST (Substantial Acquisition of Shares and Takeovers) norms. Failure to report
will be treated as a violation and SEBI may levy penalty for the same.
2.
Corporate concerned shoud make corporate
announcement to the stock exchange regarding the change in the management of the
company and if not , it will be regarded as a violation of LODR (Listing
Obligations and Disclosure Requirements) Regulations.
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