New Delhi, Mar 4 (PTI) Three entities have settled a case pertaining to not making requisite disclosure with markets regulator Sebi after paying Rs 10 lakh towards settlement charges. The three entities that settled the case are — GMO Emerging Markets Fund, GMO Emerging Markets Equity Fund and MDPIM Emerging Markets Equity Fund.
This came after the entities filed a suo motu settlement application with the regulator proposing to settle the proceedings that may be initiated against them for the delayed compliance of norms under SAST (Substantial Acquisition of Shares and Takeovers) rules. “Any proceedings that may be initiated for the violations…are settled in respect of the applicants,” the Securities and Exchange Board of India (Sebi) said in its settlement order.
In its order, the regulator noted the applicants along with persons acting in concert had sold 2.33 per cent of the shares of Gayatri Projects Ltd between March 9, 2022, and December 5, 2022, resulting in their aggregate shareholding falling from 7.13 per cent to 4.80 per cent and attracting disclosure obligation under the SAST Regulations.
The requisite disclosure was to be made within two working days by December 7, 2022. However, the same was disclosed only on August 1, 2023, with a delay of 238 days. PTI SP SP BAL BAL
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