MAS Imposes Composition Amount of $500 on Amrita Capital Ltd for Contravention of Section 137 of the Securities and Futures Act
1 On 18 May 2012, Amrita Capital Ltd [“Amrita”] paid a composition amount of $500 for contravening section 137 of the Securities and Futures Act [“SFA”] which requires substantial shareholders of listed companies to notify the securities exchange of changes in their shareholdings.
2 Amrita was late in notifying the Singapore Exchange Securities Trading Limited of the change in its direct shareholding in CarrierNet Global Ltd. [“CGL”] which took place on 28 March 2011. Amrita was also late in notifying CGL of the above-mentioned change. As a result, CGL was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.
3 Amrita was previously warned by the Authority on 13 October 2010 for a contravention of section 137 of the SFA.
Substantial shareholders are required to notify the securities exchange of changes in their shareholdings in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.