Sebi Settles Disclosure Violation Case: 3 Entities Pay Rs 10 Lakh
By Rediff Money Desk, NEWDELHI Mar 04, 2024 17:14
Three entities, including GMO Emerging Markets Fund, have settled a disclosure violation case with Sebi by paying Rs 10 lakh. The case involved a delay in disclosing shareholding changes in Gayatri Projects Ltd.
New Delhi, Mar 4 (PTI) Three entities have settled a case pertaining to not making requisite disclosure with markets regulator Sebi after paying Rs 10 lakh towards settlement charges.
The three entities that settled the case are -- GMO Emerging Markets Fund, GMO Emerging Markets Equity Fund and MDPIM Emerging Markets Equity Fund.
This came after the entities filed a suo motu settlement application with the regulator proposing to settle the proceedings that may be initiated against them for the delayed compliance of norms under SAST (Substantial Acquisition of Shares and Takeovers) rules.
"Any proceedings that may be initiated for the violations...are settled in respect of the applicants," the Securities and Exchange Board of India (Sebi) said in its settlement order.
In its order, the regulator noted the applicants along with persons acting in concert had sold 2.33 per cent of the shares of Gayatri Projects Ltd between March 9, 2022, and December 5, 2022, resulting in their aggregate shareholding falling from 7.13 per cent to 4.80 per cent and attracting disclosure obligation under the SAST Regulations.
The requisite disclosure was to be made within two working days by December 7, 2022. However, the same was disclosed only on August 1, 2023, with a delay of 238 days.
The three entities that settled the case are -- GMO Emerging Markets Fund, GMO Emerging Markets Equity Fund and MDPIM Emerging Markets Equity Fund.
This came after the entities filed a suo motu settlement application with the regulator proposing to settle the proceedings that may be initiated against them for the delayed compliance of norms under SAST (Substantial Acquisition of Shares and Takeovers) rules.
"Any proceedings that may be initiated for the violations...are settled in respect of the applicants," the Securities and Exchange Board of India (Sebi) said in its settlement order.
In its order, the regulator noted the applicants along with persons acting in concert had sold 2.33 per cent of the shares of Gayatri Projects Ltd between March 9, 2022, and December 5, 2022, resulting in their aggregate shareholding falling from 7.13 per cent to 4.80 per cent and attracting disclosure obligation under the SAST Regulations.
The requisite disclosure was to be made within two working days by December 7, 2022. However, the same was disclosed only on August 1, 2023, with a delay of 238 days.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...