Titan case: Sebi penalises 6 people for violating insider trading rules

The (Sebi) on Tuesday slapped a penalty of Rs 1 lakh each on six individuals for violating norms in the scrip. The fine was levied on Mekat George, Muniraj Radhakrishnan, Gangadhar Sudheer Kallihal, Punit Juneja, Jayraj P, and Arjun Ramji Vishwakarma.

In six separate orders, said these individuals were employees or designated persons of at the time of the violation and had transacted in the scrip on two separate occasions in financial year 2018-19.

The total traded value of the shares by each of them was in excess Rs 10 lakh, which they failed to disclose to the company within two working days in accordance with the prevalent norms.

The notices argued that they were unaware about the Act, PIT regulations and the company’s code of conduct for prevention of insider trading, but rejected their claims. Sebi had received a letter from Titan, intimating the regulator about contravention of norms, which led to a subsequent investigation by the market regulator.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Share Market Today