INDIA: SEBI imposes fines for breach of India major shareholding rules

Monday November 5 2012

The Securities and Exchange Board of India has imposed a total penalty of Rs1.70 lakh on three entities for not making requisite India major shareholdings disclosures related to shares of Livingroom Lifestyle.

Pursuant to receiving a complaint, SEBI initiated an probe in the scrip of Livingroom Lifestyle (now known as Chisel & Hammer Mobel Ltd) for the period 11th February to 25th November 2010.

SEBI said failure on the part of the entities to make the necessary disclosures on time had deprived the investors of the important information at the “relevant point of time.”

The regulator said it observed that the entities had “concealed the vital information which was detrimental to the interest of investors in securities market.

The orders were published on 31st October 2012.

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