INSUBCONTINENT EXCLUSIVE:
New Delhi: Markets regulator Sebi on Thursday imposed a fine totalling Rs 9 lakh on Zee Media Corporation and its promoter entity 25FPS
Media for shareholding disclosure lapses.
The regulator has levied a fine of Rs 6 lakh on 25FPS Media Private Limited and Rs 3 lakh on Zee
Media Corporation Ltd (ZMCL), Securities and Exchange Board of India (Sebi) said in an order.
The order comes after Sebi received a
reference from Zee Media Corporation, wherein it informed the regulator regarding non-compliance of PIT (Prohibition of Insider Trading)
Regulations by 25FPS during the period April 8 to April 23, 2019.
Following this, the regulator conducted examination in the scrip of ZMCL
from April 8, 2019 to April 26, 2019 to ascertain whether there was any disclosure violation of PIT norms and SAST (Substantial Acquisition
of Shares and Takeovers) Regulations by 25FPS and/or ZMCL.
During the examination, the regulator observed that IFCI Ltd had invoked pledge
in respect of certain equity shares of the company pledged by 25FPS
The shareholding of 25FPS in ZMCL was continuously decreasing by virtue of invocation of pledge by IFCI during the period.
It further said
that 25FPS was required to disclose details of such change in its shareholding within stipulated timeframe
Besides, ZMCL was required to notify the exchanges regarding the particulars of trades within two trading days of it "becoming aware of the
same".
"By not making the relevant disclosures on time, both the noticees have conveniently kept the general investors in dark regarding the
change in the shareholding of one of the promoters," Sebi said.
The entities have not complied with the relevant provisions of PIT
Regulations and SAST norms, it noted.
