Sebi slaps Akriti Realtech with Rs 4.5 lakh fine

Capital markets regulator Sebi has slapped a Rs 4.50 lakh penalty on Akriti Realtech

RELATED ARTICLES

for alleged non-compliance with disclosure norms with respect to purchase of SRS Real Infrastructure shares.

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Amit Shah deserved to be crowned President of India, some say

    The Bharatiya Janata Party is now firmly in the hands of Modi’s alter ego, which in plain English means ‘another side of oneself, a second self’

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Necessary yet inadequate boost to education

The finance minister, in the very first minutes of his ...

Zehra Naqvi

We must overcome the fear of death

It is the biggest irony that the only thing that’s ...

Dharmendra Khandal

Jawai leopards and locals can coexist peacefully

At first glance, the Jawai landscape seems like a large ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture