1. Failing to furnish information, Sebi fines Sungold Capital, 4 others

Failing to furnish information, Sebi fines Sungold Capital, 4 others

Markets regulator Sebi today imposed a penalty of Rs 13 lakh on Sungold Capital and four others after they failed to furnish information sought by the watchdog.

By: | New Delhi | Published: July 19, 2017 6:34 PM
Sebi, Sungold Capital,  Seema Rajiv Kotia, Shwetha Dhaval Kotia, Dhaval Rameshchanda Kotia,  They failed to comply with the multiple summons issued to them in respect of the investigation into alleged irregular trading in the scrip of Sungold Capital, Securities and Exchange Board of India (Sebi) said in the order.(Reuters)

Markets regulator Sebi today imposed a penalty of Rs 13 lakh on Sungold Capital and four others after they failed to furnish information sought by the watchdog. Sebi levied a fine of Rs 5 lakh on Sungold Capital and Rs 2 lakh each on Shilpa Amit Kotia, Shwetha Dhaval Kotia, Ravi Rajiv Kotia and Seema Rajiv Kotia, according to an order. They failed to comply with the multiple summons issued to them in respect of the investigation into alleged irregular trading in the scrip of Sungold Capital, Securities and Exchange Board of India (Sebi) said in the order.

Through summons, Sebi’s investigating officer had sought information pertaining to details of off-market transactions done by these four persons; reasons of trading; copies of bank as well as demat statement; and their relationships “inter-se and also with the promoters of the company”. Besides, the regulator has asked Sungold Capital to furnish details about relationship with the four persons and another entity Dhaval Rameshchanda Kotia with the company or promoters/directors and reasons for not including these persons under the promoter group.

Sebi said that any delay or hurdle in investigation due to non-cooperation by any entity is detrimental to the interest of investors in securities market and the same would be visited with a penalty. Accordingly, the regulator has slapped fine on these entities.

 

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