You are here: Home » Companies » News
Business Standard

Sebi bars Polaris' Arun Jain from securities mkt for 2 years

Sebi said Jain dealt in 15,080 shares of the company on behalf of Polaris Holding Private

Press Trust of India  |  Mumbai 

Market regulator Sebi today barred Polaris Software Labs's CMD Arun Jain from securities market for a period of two years for alleged insider trading in the company's shares.

"... Restrains Arun Jain from accessing the securities market and further prohibit him from buying, selling or otherwise dealing in securities, directly or  indirectly, or being associated with the securities market in any manner for a period of two years from the date of this order," Sebi said.

After a probe into the dealings of shares during August- September 2000, Sebi said it found Jain, CMD and promoter of the company, guilty of norms related to insider trading, as it charged him of trading in the stock on the basis of 'unpublished price sensitive information' relating to a proposed acquisition by the firm.

Sebi said it found that Polaris Software Lab had called off the proposed acquisition of Data Inc, after due diligence, in the second week of September, 2000 but had informed the concerned stock exchanges on September 30, 2000.


"During the investigations, it was observed that the company had deliberately withheld this (proposed acquisition) price sensitive information from the public domain," Sebi (Securities and Exchange Board of India).

Sebi said Jain dealt in 15,080 shares of the company on behalf of Polaris Holding Private Ltd (PHPL) on the basis of 'unpublished price sensitive information' held by him and had made unfair gains to the tune of Rs 27.26 lakh.

During the relevant time, PHPL was one of the promoters entity of Polaris Software Labs and Jain was one of the directors of PHPL.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, October 09 2012. 17:46 IST
RECOMMENDED FOR YOU
.