(Photo: Reuters.)
(Photo: Reuters.)

Sebi fines Radford Global for violating norms, failing to provide information

  • Despite repeated summons in 2017, the firm failed to furnish the information required, Sebi said
  • Sebi fined the firm 10 lakh for failing to provide information and 20 lakh for violating listing agreement norms

NEW DELHI : Markets regulator Sebi Tuesday slapped a fine of 30 lakh on Radford Global for violating listing norms and failing to provide information sought by the regulator.

After conducting a probe between February 2012 and March 2014 in the trading of Radford's shares, the regulator sought documents with regard to physical transfer of shares by the company to certain entities.

Despite repeated summons in 2017, the firm failed to furnish the information required, Sebi said.

Further, the regulator observed that the firm made a preferential allotment in February 2012, and the proceeds of the allotment funds were utilised for the purpose other than its disclosed objective.

Under the listing agreement norms, the firm was required to furnish on a quarterly basis a statement to exchanges for variations between projected utilisation of funds and actual utilisation of funds, the regulator said.

However, no such disclosures were made to the exchanges, the Securities and Exchange Board of India (Sebi) noted.

Accordingly, Sebi fined the firm 10 lakh for failing to provide information and 20 lakh for violating listing agreement norms, totalling 30 lakh.

In a separate order, Sebi imposed a fine of 5 lakh on Kolkata-based K B Sponge Iron for executing fraudulent trade and, thereby, creating artificial volume in the illiquid stock options segment of the BSE.

This story has been published from a wire agency feed without modifications to the text.

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