The Securities and Exchange Board of India has decided to dispose a case of alleged disclosure lapses by Larsen & Toubro Ltd., or L&T, in a matter involving its financial services arm, The Hindu reported.
The Indian regulator launched a probe into the irregularity in share trading of L&T Finance Holdings, or LTFH, and into the possible violation of norms committed by the construction engineering firm for the period from March 10, 2014, to March 14, 2014.
As revealed in the investigation, L&T reduced its shareholding in the investment company from 81.50% for the quarter ending December 2013 to 76.61% for the quarter ending March 2014. L&T was then required under regulation 13(3) of the Prohibition of Insider Trading Regulations, 1992 to disclose the change in its shareholding to LTFH within two working days. It had allegedly failed to make the disclosure, The Hindu reported.
The regulatory body said that L&T reported the change in its shareholding and stock exchanges under a different regulation and that non-disclosure under Regulation 13(3) is merely technical in nature.
