Mumbai: Securities market regulator Sebi on Friday imposed a fine of more than Rs 1 crore on Suzlon Energy for violation of Securities Contracts (Regulation) Act (SCRA).
According to the adjudication order, the company failed to disclose price sensitive information as required under the code of corporate disclosure practices for prevention of insider trading.
“I find that the investigation did not bring out the disproportionate gain or unfair advantages to the noticee and loss caused to investors as a result of non-disclosure of truncation of order,” Sebi order read.
“They failed to make the disclosure on more than one occasion, hence it can be said, it is repetitive in nature.”
IANS