Sebi on Tuesday disposed of show-cause notices issued against 58 individuals as the allegation of violation of insider trading rules was not established in Titan Company Ltd (TCL) case.

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The notices were issued against the individuals (noticees) after Sebi received a letter from TCL, wherein the company intimated the regulator about contravention of PIT (Prohibition of Insider Trading) rules and company's code of conduct by some of its designated employees.

The regulator conducted a probe in the scrip of Titan and observed several non-compliances of PIT norms during April 2018-March 2019.

While being employed with TCL, the noticees had transacted in the securities of Titan in different quarters ended on June 2018, September 2018 and March 2019, as per the Securities and Exchange Board of India (Sebi).

According to TCL letter, these individuals had to make disclosures as their traded value exceeded Rs 10 lakh. However, Sebi said, the noticees were "not designated employees" of the company and therefore, were not obligated to make disclosures under the PIT norms.

Therefore, the adjudication proceedings against noticees stands disposed of without imposition of any penalty, it said.

Meanwhile, in a separate order, the regulator slapped fines totalling Rs 99 lakh on 21 entities for manipulating the price/volume of the scrip of Sarang Chemicals Ltd.

The order came after Sebi had conducted an investigation in the scrip of the Sarang Chemicals Ltd (SCL) during the period January-June 2011.

In another order, Sebi imposed a fine of Rs 12 lakh on two individuals for fraudulent trade practices in the shares of Sawaca Business Machines Ltd.