SEBI Settles Elcid Investments' Case Over Disclosure Lapses

Elcid Investments Ltd. has entered a settlement with the Securities and Exchange Board of India, in a case pertaining to failure to maintain structured digital database and lapses in disclosure, by paying a settlement amount of Rs 17.3 lakh.

The application for a settlement order was submitted to the markets regulator by Elcid Investments, seeking resolution of the adjudication proceedings related to the alleged violations.

The instant adjudication proceedings initiated against the company has been disposed of, SEBI said in its settlement order.

A show-cause notice, dated Oct. 31, 2023, had accused Elcid Investments of not maintaining a structured digital database throughout the investigation period. The notice also highlighted the company's failure to report the joint shareholding of 50 shares between Jatin Saraiya, a member of the promoter group, and his spouse in the December-January quarter of fiscal 2022.

This led to the alleged violations of insider trading rules and Listing Obligations and Disclosure Requirements norms, it said.

The notice was issued after SEBI conducted an investigation to verify compliance with the provisions of securities law by Elcid Investments, after receiving complaints through SCORES. The period of the investigation was between March 9, 2022 and May 13, 2022.

(With inputs from PTI.)