The Securities and Exchange Board of India (Sebi) had conducted a probe into the trading and dealings of the 10 entities.
Probe was conducted in the shares of P M Telelinnks for the period from January to September 28, 2012. The entities were part of the promoter group of the firm and some of them were also directors on the board during the investigation period.
Markets regulator Sebi today imposed a total penalty of Rs 13 lakh on 10 entities, including promoters and directors of P M Telelinnks, for disclosure lapses.
The entities are Priyanka Surana, Jaishika Surana, G P Surana (HUF), Surana Securities, Kaveri India, Ravi Surana, Meena Surana, Pranali Surana, Dipin Surana and Gulabchand Pukhraj Surana.
The entities had allegedly failed to disclose their aggregate shareholding in the company, as on March 31, 2012, to the firm and the BSE within seven working days from the end of the financial year, as required under the SAST (Substantial Acquisition of Shares and Takeovers) Regulations.
In an order, Sebi said that the entities have admitted to the fact that there was delay on their part in making the relevant disclosures.
The entities have violated the provisions of the SAST Regulations, it added.
SEBI imposed rupees 13 lakh penalty on 10 entities- Latest news
The sale transactions of Meena Surana, Pranali Surana and Dipin Surana, who were also directors in the firm, during the investigation period, had either exceeded Rs 5 lakh in value or 1 per cent of the total shareholding of P M Telelinnks.
So,the disclosure requirements under the PIT (Prohibition of Insider Trading) Regulations are triggered when the change in a promoter’s shareholding in a company exceeds Rs 5 lakh in value or 25,000 scrips in terms of quantity of shares traded or 1 per cent of the total share capital, whichever is lower. The necessary disclosures are required to be made to the company and the BSE within two working days according to the rules, but was not made.
The entities have contended that the non-disclosures on their part were unintentional, Sebi said.
Meena Surana, Pranali Surana and Dipin Surana have violated the PIT Regulations so were imposed with a total penalty of Rs 13 lakh on the 10 entities.
Sebi has also imposed a fine of Rs 5 lakh on Bermaco Energy Systems for not providing requisite information and non-appearance of its director before the regulator in relation to an investigation initiated into the dealing in shares of Man Industries (India).