Markets regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 4 lakh on Swagruha Infrastructure (SIL) for failing to make requisite disclosures for 11 straight years.
As per SAST Regulations, SIL was required to make yearly disclosures with regard to changes in shareholding of certain entities to the exchange within 30 days from the financial year ending March 31 as well as the record date for dividend declaration.
SEBI noted that one of the main objectives of the SAST Regulations is to achieve fair treatment by inter alia mandating timely disclosures by entities and ensure adequate and factual information to the public or investors or shareholders so as to enable them to take a balanced investment decision.
