Sebi has slapped a total fine of Rs 15 lakh on five companies for non-submission of audit reports regarding dividend payments and transfer of their securities by Sharepro Services.
Sharepro Services operated as Registrar and Transfer agent (RTA) for the five companies -- Naisargik Agritech, Platinum Corporation, Sheetal Bio-Agro Tech, Anand Credit and Well Pack Papers.
In March 2016, Sebi directed the firms to conduct a thorough audit of Sharepro regarding dividends paid and transfer of securities.
Besides, the companies were directed to switch over their activities related to a RTA "either in-house or through another RTA registered with the markets regulator".
After finding that the companies have not complied with the directions, Sebi has fined them Rs 3 lakh each.
In five separate but similarly-worded orders, Sebi said the companies
failed to comply with the directions by not submitting audit reports in respect of the records and systems of Sharepro apart from not shifting the operations related to RTA.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)