Sebi fines Titan employee for violating insider trading standards


Market regulator Sebi on Wednesday fined an employee of Titan Company Ltd for violating insider trading standards.

The order came after an investigation by Sebi between April 2018 and March 2019.

The regulator had received a letter from Titan in which the company noted the violation of the Insider Trading Prevention (PIT) regulations and the Company’s Code of Conduct for the Prevention of Insider Trading by some of the regulators. its designated persons / employees.

Subsequently, the regulator investigated the Titan script and observed several non-compliances with the PIT regulation during the period April 2018-March 2019 by employees and designates, including a Patil Basavaraj Mallikarjun.

“The defendant, being an employee of the company, was required to disclose to Titan, for each of the aforementioned transactions, within two (2) business days,” Sebi said. However, there is no evidence that he made any such disclosures, Sebi added.

While employed by Titan, Mallikarjun traded Titan securities twice in April and May 2018.

The cumulative values ​​of transactions on these two occasions exceeded Rs 10 lakh, thus requiring disclosure of these transactions in terms of PIT standards.

However, he did not and twice broke PIT standards.

Therefore, Sebi fined him Rs 1 lakh.

Separately, Sebi fined Shukla Packging Industries Pvt Ltd, Surendra Kumar Gupta HUF and Balbhadra Trading Pvt Ltd Rs 5 lakh each for fraudulent and manipulative trading in the illiquid BSE stock options segment.

The fraudulent transactions carried out by the entities violate the provisions of the Prohibition of Fraudulent and Unfair Business Practices (PFUTP) standards, Sebi noted in separate orders.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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