SEBI levies largest fine to date on Holcim

SEBI fines Holcim Rs250 million ($5.4 million) for violating provisions of India's takeover code, the largest monetary penalty levied to date.

IndiaÆs security watchdog SEBI slapped a Rs250 million $5.4 million fine on Holcim the worldÆs second largest cement producer. This represents the largest monetary penalty levied by SEBI to date. The judgement is being widely perceived as a signal by SEBI that it will take a firm stand on issues relating to minority shareholder protection - no matter who the counterparty. The fine also comes close on the heels of SEBI clamping down on foreign banksinvestment banks which...

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