New Delhi, Apr 29 (PTI) Capital markets regulator Sebi on Friday penalised three individuals for flouting insider trading norms in the matter of Titan Company Ltd.
A fine of Rs 1 lakh each has been imposed on Mahesh S, Manju Harilal Gupta and Praveen Joshi, according to three separate orders.
The orders came after Sebi conducted an investigation into the securities of Titan Company Ltd (TCL) after it was intimated about contravention of prohibition of insider trading regulations and the company’s code of conduct for prevention of insider trading by some of its designated persons/employees.
The probe found non-compliance by the individuals with respect to the regulations during April 2018 to March 2019.
During their employment with TCL, they had transacted in the scrip of Titan Co Ltd but failed to make requisite disclosures to the firm as required under the prohibition of insider trading norms, as per Sebi.
The disclosure requirements were triggered on account of the transactions concerned exceeding the traded values of Rs 10 lakh.
For violation of the norms, the individuals have been penalised by the regulator.
In another order, the regulator levied a fine of Rs 5 lakh on Anirudh Damani HUF for indulging in non-genuine trades in illiquid stock options at BSE.
By doing so, they violated the provisions of Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) norms. PTI HG HG BAL BAL
