Equitas Small Finance Bank levies penalty on designated persons for violating insider trading norms

Equitas Small Finance Bank (SFB) said that its Vice President-Internal Audit, N Ganesan, violated code of conduct for prevention of insider trading by selling 1000 shares during window closure period.

The bank added that its Deputy Vice President-Information Security, G Thanikachalam, also violated code of conduct for prevention of insider trading by selling 1181 shares during window closure period.

The small finance bank said that its disciplinary action committee had levied a penalty of 10% of traded value for the aforementioned violation by designated persons.

Equitas Small Finance Bank is the largest small finance bank in India in terms of number of banking outlets and the second largest SFB in India in terms of assets under management and total deposits in FY2019. The bank offers a range of banking products and services to customers with a focus on serving the financially unserved and underserved customer segments in India.

The SFB reported a net profit of Rs 102.99 crore in Q2 FY21 as against a net profit of Rs 49.48 crore in Q2 FY20. Total income during the quarter rose 22.4% YoY to Rs 861.23 crore.

The scrip rose 1.64% to Rs 37.10 on the BSE. It traded in the range of 36.55 and 37.20 so far during the day.

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