Industry standard

Aadhaar Ventures fined by SEBI for violating industry standards

Aadhaar Ventures India Ltd. (AVIL) and its directors were fined a total of Rs 25 lakh by the capital markets regulator SEBI for violating registration requirements and insider trading laws. Aadhaar Ventures India Ltd. (AVIL), its administrators Jils Raichand Madan, Somabhai Sunderbhai Meena, and Jyoti Munverand the regulator was each fined Rs. 10 lakh (to be paid jointly and severally) for the disclosure violations.

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Aadhaar Ventures Fined by SEBI: Key Points

  • It fined Aadhaar Ventures India Ltd. (AVIL) and Meena Rs. 5 lakh (to be paid jointly and severally) for breaching insider trading rules.
  • Aadhaar Ventures India Ltd. (AVIL), Madan, Meenaand Munver had violated the breaches of disclosure by failing to disclose the information to the exchange.
  • Additionally, Munver violated PIT (Prohibition of Insider Trading) regulations by failing to ensure that AVIL complied with continuous disclosure obligations while acting as the corporate compliance officer.
  • He inflicted on Aadhaar Ventures India Ltd. (AVIL) a fine of Rs 5 lakh.

Aadhaar Ventures fined by SEBI: Background

  • The order was issued after SEBI opened a preliminary investigation into allegations of price manipulation in shares of Aadhaar Ventures India Ltd. (AVIL) and discovered that the company had made an announcement in August 2014 regarding the acquisition of a business in Africa and subsequent establishment. of an overseas subsidiary in Singapore, an announcement that did not materialize.
  • SEBI then conducted a separate survey for the months of July to September 2014.
  • According to the SEBI survey, Aadhaar Ventures India Ltd. (AVIL) made corporate announcements on August 1 and 14, 2014 regarding the purchase of a business in Africa and the establishment of a foreign subsidiary in Singapore, both of which were considered “price sensitive information .”
  • However, despite numerous warnings to Aadhaar Ventures India Ltd. (AVIL), the company did not respond when BSE asked for information.

Aadhaar Ventures Fined by SEBI: Current Situation

  • The outcome of SEBI’s appeal, which is currently before the Supreme Court, could, however, affect the severity of this sentence. Listing requirements are covered by Section 23E of the Securities Contracts (Regulation) Act.
  • In the meantime, the regulator has fined BRH Wealth Creators Ltd (formerly known as BMA Wealth Creators Limited) Rs 10,000 for breaching regulatory guidelines.
  • The order was issued following an investigation by SEBI into potential irregularities involving the issuance of securities by BRH Wealth Kreators Ltd.

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