Sebi fines four entities for disclosure lapses in SRK Industries case

Capital markets regulator Sebi on Monday imposed a total fine of Rs 4 lakh on four entities for disclosure lapses in the matter of SRK Industries Ltd.
In four separate orders, a fine of Rs 1 lakh each has been levied by the regulator on Geeta Narayanan, Birendra Kumar Jain, Island Media and Entertainment Pvt Ltd and Maxgain Advisory Pvt Ltd.
Securities and Exchange Board of India (Sebi) had conducted an investigation in the matter of trading in SRK Industries’ shares by its promoters for the period of March 2010 to December 2014.
It was found that the entities had failed to make complete disclosures required under PIT (prohibition of insider trading) norms for becoming the promoters of SRK, due to a scheme of arrangement approved by High Court of Bombay and High Court of Madras for the merger of TCL (Transcend Commerce Ltd) with SRK, Sebi said in similarly worded orders.
Further, it said that the disclosure was to be made in two days from the occurrence of the event.
With regard t