Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: 4.8
Article rating: 5.0
Article rating: 3.0
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: 4.5
Article rating: No rating
Article rating: No rating
Article rating: 4.2
Article rating: 5.0
Article rating: 4.0
Article rating: No rating
Article rating: No rating
RSS

News

Sebi slaps fine of Rs 15 lakh on promoters of SVC Resources

Author: PTI/Wednesday, August 1, 2018/Categories: Regulatory

Sebi slaps fine of Rs 15 lakh on promoters of SVC Resources

New Delhi - Regulator Sebi today slapped a fine of Rs 15 lakh on three former promoters of SVC Resources for violating market norms regarding the transfer of shares.

The regulator in a separate order imposed a fine of Rs 2 lakh on one Ashok Gupta for not disclosing additional acquisition of shares of the firm in 2011 and thereby violating insider trading norms.

Gupta was the chairman and managing director of SVC Resources at the tim of violation, according to the Sebi order.

Sebi found that promoter Powerhouse Fitness Ltd (formerly known as Naaz Trading and Finance Ltd) exited from the company after transferring its shareholding to two other promoters, Akshat Gupta, Ankush Gupta without any payment through off market transaction in July 2009.

Since, the transaction entered into by the three former promoters was an off-market transaction, it has to be in conformity with the provisions relating to spot delivery contract under the Securities and Contract Regulation Rules (SCRA), the regulator noted.

To qualify as a spot delivery contract, actual delivery or transfer of shares and the payment should be on the same day as date of contract or the next day.

However, payment and transfer of shares have not taken place as per the time limit required for spot delivery contract as defined in SCRA hence violative of SCRA regulations, Sebi said and imposed fine of 5 lakh each on the the three former promoters.

Print Rate this article:
No rating

Number of views (159)/Comments (0)

rajyashree guha

PTI

Other posts by PTI
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free