Akriti Realtech (now known as Akriti Global Traders) had hiked its stakes in SRS Real Infrastructure by over five per cent. However, the entity had failed to make requisite disclosures to the relevant stock exchanges within the time limit as prescribed under the norms.
"By not complying with the regulatory obligation of making the disclosures, the noticee (Akriti) had not provided the vital information within the prescribed time which is detrimental to the interest of investors in securities market," Securities and Exchange Board of India (Sebi) said in an order dated December 27.
Accordingly Sebi has imposed a "penalty of Rs 4,50,000 ...On Akriti Realtech Ltd".
Sebi had conducted an examination in respect of buying, selling and dealing in the shares of SRS Real Infrastructure which is listed on the BSE.
The regulator noted that the shareholding of Akriti in SRS Real Infrastructure as on February 4, 2013 was 4.71 per cent but after the entity acquired 14.86 lakh shares of the company on February 14 its stake increased to 5.45 per cent.
As per the norms, Akriti while crossing the threshold limit of 5 per cent was required to make the disclosures to SRS Real Infrastructure and to BSE within two days from the date of the transaction, which it had failed to do.
Further, Akriti shareholding in SRS Real Infrastructure rose to 8.15 per cent from 5.45 per cent after the entity bought additional shares of the firm on February 21, 2013.
As there was a change of more than 2 per cent stake of Akriti in SRS Real Infrastructure the entity was required to make the disclosures to the company and the stock exchange within two days from the date of the acquisition.
Akriti had also failed to comply with this provision, Sebi said.