SEBI imposes fine on Embassy Property Developments Pvt Ltd
New Delhi: Securities markets regulator SEBI has fined Embassy Property Developments Pvt Ltd to the tune of Rs 3 lakh for various violations of laws of the capital market.
SEBI has imposed the fine for non submission of financial results of the realty player in the time given and various other violations.
SEBI was notified by debenture trustee Vistara ITCL (India) Ltd on 19 September that the realty firm had not submitted the 'Half Yearly Communication' for the half year ended 31 March 2019 until that date.
SEBI then conducted an enquiry and found, prima facie, that the company indeed violated provisions of the Regulation 52(1), 52(4) and 52(5) of LODR Regulations.
The violations by Embassy include failure to disclose the line items as per the provisions the Regulation 52(4) of LODR Regulations to the exchange. The violations include failure on the part of the real estate player to submit the certificate signed by Vistara ITCL taking note of contents prescribed under the disclosure regulations.