Sebi levied a fine of 6.8 lakh on Skanda Aerospace

Vastavam web: Markets regulator Sebi today levied a fine of Rs 6.80 lakh on Skanda Aerospace for disclosure norm lapses.”The noticee (Skanda Aerospace) had failed to make disclosures within the stipulated time under… the SAST Regulations to the company (Astra Microwaves Products), BSE and the NSE in respect of change of more than 2 per cent in its shareholding in the company during the period January May 2014,” Sebi said in an order.According to the order, Skanda Aerospace had disposed of over 17 lakh shares of Astra Microwaves Products from January to May 6, 2014 and over 27 lakh on May 13 and 14, 2014.

Following the selling of shares, Skanda Aerospace was required to make relevant disclosures regarding the shareholding to the stock exchanges as well as Astra Microwaves Products within the stipulated time period under SAST Regulations.However, the regulator noted that the disclosure requirements under PIT Regulations and SAST Regulations are independent of each other and the disclosure made under PIT Regulations does not absolve Skanda Aerospace from making disclosure required under the SAST Regulations.