Elcid Investments Ltd Settles With SEBI Over Disclosure Lapses
Elcid Investments Ltd has resolved its case with SEBI by paying Rs 17.31 lakh, addressing issues related to maintaining a structured digital database and disclosure lapses. SEBI alleged violations of insider trading rules and LODR norms during its investigation period. The case was disposed of with the settlement.
![Elcid Investments Ltd Settles With SEBI Over Disclosure Lapses](https://devdiscourse.blob.core.windows.net/aiimagegallery/24_06_2024_11_38_41_6968754.png)
- Country:
- India
Elcid Investments Ltd has resolved its case with the Securities and Exchange Board of India (SEBI) by paying a settlement amount of Rs 17.31 lakh. The case revolved around the company's failure to maintain a proper digital database and lapses in disclosure.
Following Elcid Investments' request for settlement, SEBI terminated the adjudication proceedings initiated against the company on October 31, 2023. During the investigation, SEBI highlighted Elcid's shortcomings in maintaining a structured digital database and failure to disclose joint shareholding details of Jatin Saraiya, a promoter group member.
This led to allegations of insider trading violations and non-compliance with Listing Obligations and Disclosure Requirements (LODR) norms. The investigation spanned from March 9, 2022, to May 13, 2022, following complaints received through the SEBI Complaints Redress System (SCORES).
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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