ALSO READSebi imposes Rs 9 lkh fine on ING Vysya Bank's former official Former ING Vysya Bank official settles case with Sebi Sebi slaps Rs 15 lakh fine on Systematix Shares & Stocks Axis Bank down over 1 pc after Sebi order to probe data leak Sebi orders attachment of bank, demat accounts of R C Overseas
Upon inspection of the trading details of Gargi Dash, the then head of retail finance of the bank, Sebi observed that she had sold shares of value exceeding Rs 5 lakh each on three occasions -- November 2, 2012, January 31, 2013 and March 28, 2013.
Dash had contended that she was not an officer of ING Vysya Bank. However, noting that Dash held a "position of responsibility" with an authority to give directions to certain other employees, Sebi said she was an officer of the bank.
Since Dash was an officer, she was required to make disclosures to ING Vysya Bank and BSE regarding change in shareholding upon selling the shares within two working days from the date of the transactions in accordance with the PIT (Prohibition of Insider Trading) Regulations.
However, Dash failed to make the disclosures to the bank as well as BSE, thereby violating PIT Regulations.
For the violation, Sebi has imposed a penalty of Rs 4 lakh on Dash.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)