Corporate

Sebi imposes Rs 200,000 fine on Massey for disclosure lapses in MCX case

Markets regulator Sebi Tuesday imposed a penalty of Rs 200,000 on Joseph Massey, former CEO of Multi Commodity Exchange (MCX), for failing to make disclosure about sale of shares in stipulated time. The Securities and Exchange Board of India (Sebi) conducted an investigation in the scrip of MCX between April, 2012 and July, 2013 to ascertain violation of PIT (Prohibition of Insider Trading) regulations by Massey. The regulator found that Massey, who was a director at MCX, sold a total of 11,250 shares of the exchange on seven occasions. However, delayed disclosures were made for sale of shares done on May 5, 2012 and February 25, 2013, it added. The noticee (Massey) failed on two counts to make disclosures in stipulated time which warrant imposition of monetary penalty, the regulator said. Accordingly, the capital markets watchdog slapped a fine of Rs 2 lakh on Massey. In a separate case, the regulator has disposed of a show cause notice against Prashant Desai, who was the president of Investor Relations at erstwhile Financial Technologies (India) Ltd (FTIL). It was alleged that Desai had sold shares of FTIL (now known as 63 Moons Technologies), and had failed to make necessary disclosures under PIT norms.

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