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Sebi Fines Individual For Disclosure Lapses In Gitanjali Gems Case

Securities and Exchange Board of India (Sebi) had conducted an examination in the scrip of Gitanjali Gems during May 31, 2017 to February 5, 2018.

Photo Credit : PTI

Market regulator Sebi on Friday slapped a fine of Rs 5 lakh on Chaitya Rajesh Shah for his failure to comply with disclosure requirements while dealing in the shares of Gitanjali Gems Ltd.

Securities and Exchange Board of India (Sebi) had conducted an examination in the scrip of Gitanjali Gems during May 31, 2017 to February 5, 2018.

During the probe, the regulator noted that the noticee -- Chaitya Rajesh Shah -- was holding 5.80 per cent of the total share capital of Gitanjali Gems as on September 30, 2017.

He carried out transactions during the period of investigation and his selling crossed 2 per cent of total shareholding in the company. Consequently, he was required to make disclosures to the exchange and the company.

However, there has been no disclosure filed by the noticee with respect to his disposal of shares even till date, Sebi said in an order.

The regulator noted that his failure to disclose has continued to act in violation of regulation of Substantial Acquisition of Shares and Takeovers (SAST) Regulations. 

(PTI)


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sebi market regulator gitanjali gems shares