Adjudication Order in respect of Ms. Kalavati Kanakia in the matter of KBS India Limited.

Last updated: 22 October 2020

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Quick Summary

Ms. Kalavati Kanakia has been penalised by the Securities and Exchange Board of India (SEBI) for failing to disclose her increased shareholding in KBS India Limited. Her stake rose from 0.16% to 5.32% on December 15, 2016, crossing the 5% threshold which required disclosure within two working days. SEBI found that this necessary disclosure was not made, leading to a violation of SAST Regulations.

Court :
SEBI

Brief :
Securities and Exchange Board of India ("SEBI") pursuant to the periodic examination of DWBIS alerts observed a non-disclosure based alert was generated by the system in the scrip of KBS India Limited (‘Target Company/TC/KBS’), a company having its shares listed on the Bombay Stock Exchange Limited (hereinafter referred to as ‘BSE’), which mentioned about increase in shareholding by Ms. Kalavati Kanakia (hereinafter referred to as “Noticee” or by her individual name) part of the public shareholders in the target company from 0.16% to 5.32% shares vide transaction dated December 15,2016.

Citation :
[ADJUDICATION ORDER NO. EAD-9/VKV/NK/2020-21/ 9406]

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