28 Jul , 2022 By : Monika Singh
Sebi on Wednesday levied fines amounting to Rs 800,000 on eight individuals for violating insider trading norms in the shares of Titan. In eight separate orders, the regulator slapped fines of Rs 1 lakh each on Raghuraman Rangharajan, Ajay Singh, R Saravanan, Nagaraja Ravichandran, Shyamsunder Rambhau Bedre, Krishan Sharma, Subramaniankannan and YS Manjunath.
Titan had written to the regulator about contravention of Sebi norms and company’s code of conduct for prevention of insider trading by some of its employees. This prompted the regulator to conduct an investigation into the scrip. It observed several non-compliances of insider trading norms between April 2018 and March 2019.
The employees had transacted in the securities of the company but failed to disclose the transactions as required under the insider trading norms within two working days. A disclosure was required as transactions were over Rs 1 million.
Separately, the regulator imposed penalties totalling Rs 2 million on four entities for indulging in fraudulent practices related to the preferential allotment of Esaar India shares. A fine of Rs 500,000 each was imposed on Giriraj Kishore Agarwal, Tanu Agarwal, Saloni Agarwal and Tilak Finance.
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