7 individuals fined Rs 7 lakh by Sebi for violation of insider trading norms
The disclosure was mandatory as the transactions exceeded the market value of Rs 10 lakh.
Markets regulator Sebi on Tuesday imposed penalties totalling Rs 7 lakh on seven individuals for breach of insider trading norms in the shares of Titan Company Ltd.
The transactions were carried out between April 2018 and March 2019, when they were designated persons/employees of Titan.
The order came after Sebi received a letter from Titan Company Ltd (TCL) wherein the firm intimated the regulator about alleged violations of Prohibition of Insider Trading (PIT) regulations and the company's code of conduct by some of its persons/employees.
Thereafter, the regulator investigated the scrip of TCL and found several non-compliances with PIT rules by the individuals from April 2018 to March 2019.
During their employment with TCL, they had transacted in the securities of the firm but failed to make disclosures to the company as required under the PIT norms, as per the Securities and Exchange Board of India (Sebi).
The disclosure was mandatory as the transactions exceeded the market value of Rs 10 lakh.
Consequently, Sebi slapped a fine of Rs 1 lakh each on Rakesh Rai, Arpit Somani, Rajaram Murugan, Cinnappan Thavaselvi Krishna, Akash Dutta, Mahesh Vilas Ramgir and Bittu Chatterjee.
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