Sebi levies Rs 12L fine on individual for insider trading in Infosys scrip
Markets regulator Sebi on Monday imposed a total fine of Rs 12 lakh on an individual for indulging in insider trading in the shares of Infosys Ltd
The individual, Prateek Sarawgi, was the associate manager (business finance) with Infosys during the investigation period.
It was observed that Infosys had announced financial results for the quarter ended December 31, 2016, on January 13, 2017.
Prateek was in possession of unpublished price sensitive information (UPSI) related to results of Infosys and traded in the scrip during the UPSI period, in violation of market norms.
Besides, Prateek, being a designated person of Infosys, by trading in the scrip of Infosys when the trading window was closed also violated model code of conduct for listed companies under the PIT Regulations.
Thus, Sebi has imposed a total fine of Rs 12 lakh.
In another order, Sebi levied a fine of Rs 2 lakh on an individual for disclosure lapses pertaining to transactions in Aviva Industries Ltd’s shares.
The investigation was conducted between January 2014 and August 2015.
The probe found that Dineshkumar Ravishankar Raval’s transactions in the scrip which triggered disclosure requirements.
However, Raval failed to make the requisite disclosures.
It is obligatory on the part of the person to make timely disclosures to stock exchange and to the company within the prescribed time limit.
“Thus, this is the case of complete failure on the part of the Noticee in making the requisite disclosures consequent upon change in his shareholding,” Sebi said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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