New Delhi, Dec 29 (PTI) Markets regulator Sebi today imposed a total penalty of Rs 6 lakh on three promoters and an erstwhile director of Linkson International for disclosure lapses. Also Read - Govt Allows Operation of Electricity Futures in India

The penalty has been imposed on Anand Laltaprasad Chaturvedi, Lyra Housing And Finance, Manju Sangla and Yashwant Sangla. Also Read - CBDT Signs MoU With SEBI For Data Exchange

While Manju Sangla, Yashwant Sangla and Lyra are promoters of Linkson, Chaturvedi was its director during the period from February 1, 2002 to March 13, 2014. Also Read - SEBI Allows Promoters to Increase Stake by up to 10%

According to Sebi, Chaturvedi sold 40,100 shares of Linkson on January 16, 2014 and 56,200 scrips on February 12, 2014. Being the firm’s director, he had to make disclosures under PIT (Prohibition of Insider Trading) Regulations.

The PIT Regulations require the director of a listed company to file disclosure of any change of his or her holding which exceeds 25,000 shares or Rs 5 lakh in terms of value of the scrips or more than 1 per cent in terms of percentage of issued capital to the stock exchange and the firm within two working days.

“It is established that Anand Laltaprasad Chaturvedi has failed to make necessary disclosures under… the PIT (Prohibition of Insider Trading) Regulations,” Sebi said in an order.

Lyra held 8.96 per cent of the total shares of Linkson at the end of December 2013.

On account of sale or transfer of 2.12 and 3.57 per cent of the total shares on March 10 and 11, 2014, respectively, Lyra’s holding in Linkson reduced to less than 5 per cent.

Lyra was also required to make disclosures to the stock exchange and Linkson. However, Sebi noted that it has failed to make the same under PIT Regulations and SAST (Substantial Acquisition of Shares and Takeovers) Regulations.

According to Linkson’s shareholding pattern for quarter ending December 2013, shares had been encumbered by Manju Sangla and Yashwant Sangla. As the promoters of the firm, both of them also failed to make necessary disclosure for the shares encumbered and violated the SAST Regulations.

For the violations, the Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 2 lakh each on Chaturvedi and Lyra and Rs 1 lakh each on Manju Sangla and Yashwant Sangla.

This is published unedited from the PTI feed.