Securities and Exchange Board of India (SEBI) imposed a total penalty of Rs 67.75 lakh on Premier Capital Services Ltd (PCSL). It violated various capital market norms.Capital market handled by the company. The Premier Capital Services Ltd officials shall look into the capital market.
Since, the 12 others are RG Agrawal, RG Agrawal HUF, RK Agrawal HUF, GL Agrawal HUF, Rajesh Agrawal, Bimla Agrawal, Sangeeta Agrawal, Suman Agarwal, Vertex Investment, Vastu Commodities, Premier Protein Ltd and Yukti Investment. Apart from Yukti Investment, the rest are erstwhile promoters of Premier Capital Services Ltd.
Though, BSE listed companies shares irregulatories. It observed various non-compliances of the provisions of SAST (Substantial Acquisition of Shares and Takeovers) Regulations and PIT (Prohibition of Insider Trading) Regulations by the firm and others.
“The noticees (PCSL and 12 others) have violated various disclosure provisions of the SAST Regulations and the PIT Regulations on number of occasions during the relevant period,” the SEBI said in an order. “Certain noticees have failed to make public announcement on certain occasions for the acquisition of shares of PCSL,” the regulator added.
Additionally, in May and June 2009, the erstwhile promoters had purchased the shares of PCSL. It was beyond a threshold which required them to make a public announcement for open offer. However, they made no public announcement on both the occasions, thereby violating SAST Regulations.
The 11 erstwhile promoter entities and Yukti Investment Pvt. Ltd. It violated the disclosure provisions under the SAST Regulations and PIT Regulations for share transactions of PCSL. Hence, the period from March 2008 and May and June 2009. According to the regulator, PCSL had also not complied with the disclosure requirements.
Final Words regarding Premier Capital Services Ltd
Securities Exchange Board of India (SEBI) regarded as the main regulatory body. Violation of capital market norms avoided. Its the responsibility of the company to look into it. Therefore, SEBI’s investigation got a fulfillment.So SEBI penalized the company for violatingcapital market norms.
