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Sebi has slapped a penalty of Rs 7.50 lakh on three Gujarat-based companies for not obtaining registration with regulator’s online complaint redressal system, SCORES, as well as for failure to resolve investor grievances. In three separate orders on Tuesday, Sebi said it has imposed a fine of R3 lakh each on Sarthak Securities and Jaybharat Fabrics Mills, while slapping a R1.50-lakh penalty on Maral Finance.
RMG Alloy gets more time to comply with norms
Sebi has modified its interim direction to RMG Alloy Steel and granted it more time to adhere with the minimum 25% public shareholding norms. Sebi has asked RMG Alloy to meet the minimum public shareholding requirements by February 6, 2016, failing which the curbs would be ‘immediately revived’. On June 4, the regulator had imposed curbs on the non-compliant firms, including RMG Alloy, but revoked these restrictions on October 14.
Pyramid Saimira case: SAT seeks final order in 45 days
The Securities Appellate Tribunal has asked Sebi to pass a final order within 45 days against an individual charged with facilitating Pyramid Saimira’s former promoter, Nirmal Kotecha, in his fraudulent funding activities. In 2009, Sebi had barred Viral Doshi from the securities market till further directions after finding her to have played a key role in the manipulative activities. The matters relate to one of the biggest cases of insider trading wherein Kotecha had sold a huge number of shares of Pyramid Saimira Theatres in December 2008 after dissemination of false information in media based on a forged Sebi letter.
Corporation Bank gets award for MSE lending
Corporation Bank has bagged the national award for excellence in lending to micro enterprises for 2012-2013. The bank recorded a 32% annual growth under the micro & small enterprises portfolio at R5,313 crore. The bank is constantly taking efforts to improve lending to MSMEs by opening SME loan centres with dedicated processing and marketing teams in all major centres, it said.