Sebi slaps penalty on OP Jindal Group's firm Hexa Tradex, other entities

The Securities and Exchange Board of India (Sebi) imposed penalties totaling Rs 35 lakh on Hexa Tradex Ltd, its promoters, and directors for breaching delisting norms and disclosure regulations. Hexa Tradex, along with chairperson Raj Kamal Aggarwal and others, received fines ranging from Rs 2 lakh to Rs 5 lakh collectively. \r

Sebi's action followed a complaint regarding the delisting of Hexa Tradex Ltd from both BSE and NSE, prompting an examination into alleged violations of Sebi's delisting rules and other norms. The regulator found that the company and its promoters failed to demonstrate due care and diligence in their responsibilities, including making incorrect declarations and inadequate recommendations to the board regarding the delisting proposal. \r

Sebi also penalized several promoter entities associated with Hexa Tradex for non-compliance with disclosure requirements in the Detailed Public Announcement (DPA).