Sebi has slapped R4 lakh fine on two entities for not providing information to the market regulator during its probe in share price manipulation by Sanjay Dangi and associates. In two separate orders, Sebi imposed a penalty of R2 lakh each on Shentracon Trexim and Sidhant Financial Services. For conducting a thorough probe in determining the exact role played by the Dangi and associated entities details were sought from Shentracon and Sidhant by the Sebi?s Investigating Authority, it said. However, Shentracon and Sidhant did not furnish complete details regarding their business/financial dealings with certain entities involved in the probe, among others, as sought by the regulator, it added. ?…not submitting complete details/information to the summonses appears to be a deliberate action on the part of the noticee to not cooperate with the regulatory mechanism, especially when sufficient opportunity was provided,? Sebi said.
Sebi gets RTI requests for 17-year-old files
Sebi has received RTI requests for information related to matters that are more than 17 years old, even as the files pertaining to such cases are kept in its records for up to eight years only. As Sebi could not provide the information, the applicants approached its appellate authority for RTI queries, but their appeals were dismissed there as well in the wake of the eight-year file ?weeding out policy?. Two such appeals were dismissed by the appellate authority through separate orders passed on Wednesday. In one case, an aggrieved shareholder of a listed company had requested for certified copies of documents related to a public issue, while the second RTI request was for information on a rights issue made in 1995-96.
Govt to offer cloud-based services to MSMEs
The government has announced the launch of Badal, a secure cloud computing platform, for micro, small and medium enterprises. Slated to take off later this year, Badal will offer a host of cloud-based services, including software and infrastructure services, to MSMEs at a nominal fee. The services will help MSMEs improve their production processes, manufacturing capabilities, quality and competitiveness, minister of state for MSMEs KH Muniappa said.