Sebi drops case against Orchid Chem employee

Market regulator Sebi today disposed the case against one of the employees of Orchid Chemicals and Pharmaceuticals Ltd (OCPL) in a matter related to violations of insider trading norms. Sebi had alleged that P N Deshpande, as an employee of OCPL, had indulged in opposite transactions — buying as well as selling the shares of a company within a period of six months, violating insider trading norms. In its order, the regulator said the quantity of shares involved in the transaction by Deshpande was "miniscule" and the records did not show that by such dealing, he had "acquired wrongful gain or caused any wrongful loss to the others".