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The Securities and Exchange Board of India (Sebi) has imposed fines totalling Rs 60 million on 15 entities, including Kapil Wadhawan and Dheeraj Wadhawan, former promoters of Deewan Housing Finance Corp Ltd (DHFL), for breaching disclosure norms. These penalties must be paid jointly and severally within 45 days, according to Sebi's order.In its 82-page ruling, Sebi determined that the promoters, including Kapil Wadhawan and Dheeraj Wadhawan, concealed the involvement of three companies—Hemisphere Infrastructure India, Galaxy Infraprojects and Developers, and Silicon First Realtors—directly or indirectly held by DHFL's promoters. These entities were incorrectly categorized as part of the public shareholders instead of being acknowledged as part of DHFL's promoter and promoter group.Sebi observed that entities categorised as promoters, promoter groups, and Persons Acting in Concert (PACs) with control over DHFL were obligated to disclose the number and percentage of shares or voting rights they held as of March 31 for the years 2008, 2009, 2010, and 2011. They failed to fulfill these disclosure requirements, thereby violating the Substantial Acquisition of Shares and Takeover (SAST) rules.Sebi initiated the investigation into DHFL's scrip in response to a complaint received in January 2019, aiming to determine potential violations of SAST rules between July 2007 and December 2018. Furthermore, Sebi identified instances where some of these entities failed to make public announcements of open offers on 14 occasions when the obligation to do so was triggered between 2007 and 2016.In addition to Kapil and Dheeraj, Sebi imposed penalties on several others, including Rakesh Kumar Wadhawan, Sarang Wadhawan, Aruna Wadhawan, Malti Wadhawan, Anu S Wadhawan, and Pooja D Wadhawan.