SEBI slaps Rs 5 lakh fine on IFCI Factors, 3 others

Markets regulator SEBI has imposed a total penalty of Rs 5 lakh on four entities, including IFCI Factors, for disclosure lapses in the matter of Shiva Cement.

Apart from IFCI Factors, the other three entities are Shiva Cement’s promoters — Unicon Merchants, Akash Gupta and Preeti Gupta.

Following an examination, the regulator had observed that the four entities had violated SAST (Substantial Acquisition of Shares and Takeovers) Regulation for the transactions dated April 21, 2014 in the shares of Shiva Cement.

The promoters had pledged Shiva Cement’s shares, which were released on April 21, 2014.

IFCI Factors was the counter-party to the transactions and had acquired the shares.

In its order dated January 5, SEBI said the promoters had pledged their shares with IFCI Factors and the same were released later which required them to make requisite disclosures.

(Agencies)

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