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SEBI on Friday imposed a fine of Rs 20 lakh on a person for not complying with the summons sent in a case related to violation of market standards while dealing in HAL shares. SEBI has directed the person (Rajat Mishra) to pay the fine amount within 45 days.
New Delhi. Market regulator SEBI on Friday imposed a fine of Rs 20 lakh on a person for not complying with the summons sent in a case related to violation of market standards while dealing in shares of Hindustan Aeronautics Limited (HAL). The Securities and Exchange Board of India (SEBI) has directed the person (Rajat Mishra) to pay the fine amount within 45 days. The regulator had initiated proceedings against Mishra for alleged violation of norms.
After this, on May 8, 2024, SEBI issued a show cause notice to Mishra. SEBI’s adjudicating officer Amar Navlani said in an order, “The investigation report of the case records that failure to provide information and failure to appear in person before the Investigating Authority (IA) has obstructed the investigation process and it reflects his indifferent attitude and gross negligence towards the regulator.” The regulator penalized Mishra for violating SEBI norms.
In a separate order, the market regulator also imposed a fine of Rs 7 lakh on Majestic Auto Limited for violating disclosure rules. SEBI had conducted an investigation regarding Majestic Auto Limited (MAL). In the investigation, the regulator found that Majestic Auto had allegedly violated listing obligations and disclosure provisions.
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