Settlement Order in respect of Savi Porfolio Management Services Limited in the matter of Karma Industries Limited

Last updated: 29 October 2020

Save Share

Quick Summary

Savi Portfolio Management Services Limited has reached a settlement with the Securities and Exchange Board of India (SEBI) regarding delayed disclosures of shareholding changes in Karma Industries Limited. The company failed to report an acquisition of 1.25% equity shares, increasing their stake to 5.77%, within the stipulated two working days. This delay amounted to 1069 days, with the disclosure finally made on September 5, 2019, instead of shortly after September 28, 2016. As part of the settlement, Savi Portfolio Management Services Limited agreed to pay a settlement amount of Rs. 3,00,000 to SEBI.

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) had conducted an examination in the matter of Karma Industries Limited (hereinafter referred to as ‘the Company’). During the said examination, it was observed that Savi Portfolio Management Services Limited (hereinafter referred to as ‘the applicant’) had delayed making disclosures as required under Regulation 29(1) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeovers), 2011 (hereinafter referred to as the ‘SAST Regulations’), in respect of change in their shareholding in the Company.

Citation :
SO / EFD-2/ SD / 355 / OCTOBER / 2020

Daily Limit Reached