Latest News | Sebi Fines Two Individuals for Violating Regulatory Norms in Agros Phos India Case

New Delhi, Oct 3 (PTI) Capital markets regulator Sebi on Monday imposed fines totalling Rs 10 lakh on two individuals for failing to give information and not complying with summons issued by the regulator in the matter of Agros Phos India Ltd.

A fine of Rs 5 lakh each has been imposed on Hanif Kasambhai Shekh (noticee 1) and Chandraprakash Valchand Parekh (noticee 2), according to the Sebi order.

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The order came after Sebi received various complaints during the period from December 2019 to February 2020 on the SCORES portal alleging that one website was giving 'buy' recommendations in certain scrip, including Agros Phos India Ltd (AGIL).

Further, it was also alleged in the complaint that SMSes through various headers were being circulated, giving recommendation in the shares of AGIL.

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Thereafter, Sebi conducted a probe in the scrip of APIL to ascertain any possible violation of the provisions of the Sebi Act, 1992 for the January-December 2019 period.

The regulator found that noticee 1 had failed to comply with the summons dated January 17, 2022 and reminder summons issued to him by Sebi.

Also, noticee 2 submitted incorrect/false information to the summons issued to him by the investigating authority.

Therefore, Sebi holds that the noticees have violated the summons issued to them by the market watchdog.

Meanwhile, in a separate order, Sebi cancelled the registration of stock broker Sri Bheemeswara Securities for violating market norms.

The proceedings emanates from the enquiry report dated December 21, 2018 submitted in terms of intermediaries regulations.

Based on the findings of the enquiry report, it was recommended that the registration of Sri Bheemeswara Securities Pvt Ltd, as a stock broker of National Stock Exchange of India Ltd (NSE), be cancelled.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)