Sebi slaps Rs 18 lakh fine on Linaks Microelectronics for violating norms
Markets regulator Sebi today imposed a total penalty of Rs 18 lakh on Linaks Microelectronics and its two promoters for not complying with shareholding disclosure norms.
According to a Sebi order, the firm and the two promoters — Anil Kumar Singh and Meena Singh — had not made relevant disclosures as required under the Prohibition of Insider Trading (PIT) Regulations and Substantial Acquisition of Shares and Takeovers (SAST) Regulations to the BSE.
The order has come following an investigation by the Securities and Exchange Board of India (Sebi) into the shareholding of Linaks Microelectronics during September to December 2014.
According to Sebi, Anil and Meena had acquired shares of the company in the September 2014 quarter following which their shareholding in the firm increased by 24.21 per cent and 2.74 per cent, respectively.
Following the acquisitions, both the promoters were required to make disclosures regarding the change in shareholding to the company as well as the BSE, where the firm is listed, within two working days.
However, the two promoters did not make disclosures to the BSE, violating SAST as well as PIT Regulations, the regulator noted.
Sebi also said Linaks Microelectronics was in receipt of disclosures from the two promoters, but in turn, did not disclose them to the BSE and violated PIT Regulations.
For the violations, Anil Kumar Singh and Meena Singh have to pay Rs 9 lakh and Rs 6 lakh, respectively, and the firm has to cough up Rs 3 lakh.
In a separate order, the regulator has imposed a penalty of Rs 16 lakh on Capvision Investment Advisor for violating Investment Adviser Regulations.