Markets regulator Sebi on March 8 slapped a fine of Rs.10 lakh on ISG Traders for non-disclosure of acquisition of shares in Stone India Ltd.
The entity had violated Sebi SAST (Substantial Acquisition of Shares and Takeovers) Regulations by failing to make a public announcement after its shareholding in Stone India crossed 25 per cent.
Under Sebi regulations, entities whose stake in a listed company crosses 25 per cent have to make adequate disclosures to the exchanges.
In an order on March 8, the Securities and Exchange Board of India (Sebi) imposed a fine of Rs.10 lakh on ISG Traders.
Stone India had issued 20 lakh warrants on preferential basis to ISG Traders in 2013. On conversion of these warrants, ISG Traders' shareholding rose to 30.66 per cent in April 2015 from 12.40 per cent in March 2014.