Sebi Slaps Rs 8 Lakh Penalty on Brightcom Group for Disclosure Lapses

The Securities and Exchange Board of India (Sebi) has penalized Brightcom Group Rs 8 lakh for failing to disclose its financial results in a timely manner. Sebi's investigation found that Brightcom violated disclosure rules by not submitting financial results for specific quarters and delaying notifications of key resignations.

Capital markets regulator Sebi on Monday issued a penalty of Rs 8 lakh to Brightcom Group for failing to make timely disclosures to stock exchanges.

An examination by the Securities and Exchange Board of India revealed that Brightcom Group Ltd (BGL) did not submit its financial results for the quarters ending September 30, 2023, and December 31, 2023, violating disclosure rules under the LODR provisions.

Sebi observed further delays in notifications regarding key resignations and emphasized that the company failed to act with due care and diligence, marking a continued violation.

(With inputs from agencies.)