1. Reason why Sebi slapped Rs 50 lakh fine on S Kumars Nationwide’s 9 promoter entities

Reason why Sebi slapped Rs 50 lakh fine on S Kumars Nationwide’s 9 promoter entities

A fine of Rs 50 lakh was imposed on S Kumar Nationwide’s nine promoter entities by Sebi on Thursday. The penalty was imposed by the capital market regulator on the textile firm for disclosure lapses.

By: | Published: February 15, 2018 5:59 PM
sebe, nse, bse, IFSCs, stock markets in india, stock market A fine of Rs 50 lakh was imposed on S Kumar Nationwide’s nine promoter entities by Seb.

A fine of Rs 50 lakh was imposed on S Kumar Nationwide’s nine promoter entities by Sebi on Thursday. The penalty was imposed by the capital market regulator on the textile firm for disclosure lapses, PTI reported. The nine entities had “failed to make disclosures regarding creation/ invocation/ release of certain pledge transactions and off market sale/ purchase of shares” of the company, Sebi said. The nine entities are Nitin S Kasliwal, Jyoti N Kasliwal, Anjaneya Holdings, N Essence Holdings, Sansar Exim, Tulja Enterprises, Chamundeshwari Merchantile, Verve Properties & Investment and Ingenious Finance & Investment, PTI reported.

The nine entities have violated the provisions of SAST (Substantial Acquisition of Shares and Takeovers) Regulations and PIT (Prohibition of Insider Trading) Regulations by not making disclosure, Sebi said in a 27-page letter. Meanwhile, the market regulator has on February 10 said that it’s also examining the issues related to the Fortis Healthcare group firms.  These firms had landed in controversy over the alleged lapses in transferring of funds to some promoter linked firms.

Ajay Tyagi, Sebi head on the same day also announced that new rules will come in place for corporate bonds by September. He also said that volatility in the markets may continue for few more weeks. It will happen mainly due to global reasons, although investors need not panic over issues like safety and security of the Indian marketplace, he said.

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