Sebi fines Vedanta for flouting disclosure rulesSEBI said Vedanta broke rules, making it appear it had partnered with Foxconn to make semiconductors in India, when the deal was with Vedanta's holding company.
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Vedanta logo. Credit: Reuters Photo
The Securities and Exchange Board of India (SEBI) on Friday imposed a penalty of 30 lakh rupees ($36,567.503) on metals-to-oil conglomerate Vedanta Ltd for violating the market regulator's disclosure requirements.
SEBI said Vedanta had broken its rules by publishing a press release on its website that made it appear it had partnered with Foxconn to make semiconductors in India, when the deal was with Vedanta's holding company.
The publication led to Vedanta Ltd's share price moving significantly, SEBI said.
Vedanta did not immediately respond to a Reuters request for comment outside business hours.