Mumbai: The Securities and Exchange Board of India has imposed a penalty of ₹4,00,000 on Cyquator Media Services , a promoter of Zee Entertainment Enterprises (ZEEL), for violations of the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
In an adjudication order dated February 10, 2026, Sebi said Cyquator failed to disclose the creation and invocation of pledge over ZEEL shares and made an incorrect disclosure relating to a share transfer in 2019. According to the order, Cyquator pledged 60,50,000 ZEEL shares in December 2016 but did not disclose the encumbrance within the prescribed timeline under Regulation 31 of the takeover regulations.