Sebi fines M&M employee over sale of shares

Market watchdog Sebi today imposed a Rs 2 lakh penalty on an employee of Mahindra & Mahindra for failing to make necessary disclosures pertaining to the sale of the company's shares.
Sebi had slapped fines on three other M&M employees for violating securities norm earlier this month.
The probe in the latest case was initiated by Sebi after the auto major reported the violations to the regulator.
In its latest order today, the Securities and Exchange Board of India said it has imposed "a penalty of Rs 2 lakh on Sanjay Joglekar", Executive Vice President and Chief Financial Officer at Systech Sector of M&M.

According to Sebi, Joglekar had sold 1,000 shares of M&M on November 14 on the NSE for Rs 9.23 lakh. Since the change exceeded Rs 5 lakh in value, it was required to be disclosed to the company and the stock exchange within two days under PIT (Prohibition of Insider Trading) Regulations.
"However, it is observed that the noticee (Joglekar) admittedly failed to make the necessary disclosures in this regard," Sebi added.

M&M in December had reported to Sebi that Joglekar dealt in the shares of the firm on November 14, when the trading window was closed on account of the announcement of unaudited financial results of the company for the second quarter and half year ended September 30, 2013.

Earlier this month, Sebi had slapped Rs 2 lakh fine on Dilip Yewale of M&M for failing to make the necessary disclosures with regard to change in his stake after dealing in shares of the automaker.
Also, the regulator had imposed a penalty of Rs 2 lakh on Gopalan Murali and Rs 4 lakh on Pavan Kumar Sodani - both M&M's designated employees - for trading in the auto-maker's shares during restricted periods.