SEBI Slaps Rs2 Lakh Penalty on SAR Televenture for Disclosure Violations

Moneylife Digital Team 05 September 2025

Investor Interest

Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs2 lakh on SAR Televenture Ltd for multiple lapses in disclosures under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The order followed an examination of the company announcements between January and June 2024, which revealed misrepresentations and delays in disclosure of material information.

The proceedings were initiated after SEBI received a report from the National Stock Exchange (NSE) highlighting concerns about the company’s compliance. The violations pertained to Regulation 4(1)(c), Regulation 4(1)(h) and Regulation 30(6) of the LODR framework, along with SEBI’s circular dated 13 July 2023.

One of the key lapses related to a disclosure made on 27 May 2024, wherein SAR Televenture claimed that it had received permission from the National Highways Authority of India (NHAI) to install 50 units of 4G/5G network infrastructure along NH-24. However, NSE’s scrutiny revealed that NHAI had merely asked the company to submit a detailed proposal for consideration, and no binding permission had been granted at that stage. The incomplete disclosure created the misleading impression that the company had already secured final approval.

Following NSE’s intervention, SAR Televenture issued a clarification on 15 June 2024, acknowledging the error and explaining that NHAI only grants permissions upon completion of procedural formalities. The regulator found that this omission amounted to misrepresentation, as investors were led to believe that a binding agreement was in place when it was not.

Another violation involved incorrect disclosure of revenue-sharing terms under an agreement with Bharat Sanchar Nigam Ltd (BSNL) for its Rohtak operations. The company admitted the error, citing it as inadvertent and filed a corrected disclosure on 15 June 2024. However, SEBI held that such inaccuracies undermine transparency and can mislead investors.

SEBI adjudicating officer (AO) Jai Sebastian also flagged delays in disclosures related to revenue-sharing agreements with BSNL in Lucknow and Sonipat, as well as the NHAI communication regarding network infrastructure installation. While the company argued that the lapses were unintentional and due to operational delays, SEBI maintained that timely disclosure is a mandatory obligation and excuses cannot negate the responsibility of listed entities.

Referring to past rulings of the securities appellate tribunal (SAT), the order stressed that the purpose of disclosures is to ensure transparency and enable investors to make informed decisions. Even inadvertent or technical lapses, the regulator held, do not absolve companies from compliance.

In conclusion, SEBI found SAR Televenture guilty of making misleading announcements, incorrect disclosures and delayed filings. The violations were deemed serious enough to warrant monetary penalty, leading to the imposition of Rs2 lakh under Sections 15HB and 15A (b) of the SEBI Act.

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