New Delhi: Markets regulator Sebi imposed a penalty of Rs 93 lakh on eight entities for their alleged failure to make shareholding disclosures within the prescribed timeline in the matter of Compact Disc India. Sebi has slapped a fine of Rs 30 lakh each on Naksh Media and Pariscope Financial Advisors, Rs 16 lakh on Global Resort and Spa, Rs 7 lakh on Seengal Capital Advisors and Rs 3 lakh each on Rashmee Seengal and Suresh Kumar and Rs 2 lakh each on Santosh Grover and Vinod Kumar.
All the entities, including individuals, were part of the promoter group barring Naksh Media at the time of violation of regulations (during January 2011 to June 2013). According to the Securities and Exchange Board of India (Sebi), the allegation of failure to make disclosure to the company and the BSE stands established' against these entities. These entities have violated the provisions related to PIT (Prohibition of Insider Trading) norm and SAST (Substantial Acquisition of shares) Regulations.
The regulator had conducted a probe into irregularity in trading in the shares of CDI International (formerly known as Compact Disc India Ltd from January 1, 2011 to June 30, 2013 for possible violation of the provisions of the Sebi Act.
