The Securities and Exchange Board of India (Sebi). File
| Photo Credit: Reuters
The Securities and Exchange Board of India (Sebi) has penalised Cyquator Media Services, a promoter entity of ZEE Entertainment Enterprises Ltd. (ZEEL), for sure disclosure lapses.
A advantageous of ₹4 lakh has been imposed on Cyquator for failing to make sufficient disclosures concerning sure trades in shares of ZEEL.
The regulator had performed an examination of buying and selling in ZEEL shares by the entity to establish any attainable violations of insider buying and selling norms throughout the interval from January 1 to December 26, 2019.
“It was observed that the noticee (Cyquator Media Services) being a promoter has made delayed disclosure with respect to creation of pledge and also failed/made delayed disclosures w.r.t. [with respect to] invocation and sale of pledge to ZEEL and exchanges,” Sebi stated in an order handed on Friday (June 30).
A present trigger discover was issued to the noticee, which submitted its reply.
The noticee contended that failure to make disclosures inside the stipulated time, was unintentional, technical or inadvertent and that no achieve or unfair benefit has accrued to it.
However, Sebi stated that violation of obligatory disclosure requirement underneath PIT (Prohibition of Insider Trading) Regulations and SAST Regulations can’t be termed merely technical and venial. SAST refers to SEBI (Substantial Acquisition of Shares and Takeovers).
