Sebi Imposes Penalty: There is important news for those investing in the stock market. Market regulator SEBI has taken strong action on 4 units of the market on Friday. SEBI has imposed a fine of Rs 40 lakh on 4 entities for violating the Companies Act and Publish Issue regulations. SEBI has imposed a fine of Rs 10 lakh each on HPC Biosciences Ltd, Tarun Chauhan, Madhu Anand and Arun Kumar Gupta.
Actually, SEBI has taken this step after the investigation conducted by Guinness Corporate Advisor in 2014. In this investigation, lapses were found in the filing of prospectus and application in respect of allotments made by HPC Biosciences between December 2012 and January 2013. After this, there was a huge increase in the price of HCPC scrip, about which SEBI had set up an investigation.
In addition, SEBI has imposed a fine of Rs 5 lakh on Ashish Pandey and Darshan Kayan for violation of market rules in the case of Ricoh India Ltd. Let us tell you that Ashish Pandey was the company secretary of FDSL between 2017-18.
SEBI has earlier sent a demand notice of Rs 2.06 crore to the former CEO of NSE in a governance related matter. Not only this, SEBI has ordered that the former NSE chief has been asked to pay this amount within 15 days. If he does not do so, SEBI will recover this amount by attaching his movable and immovable property.
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