Saurabh Mukherjea settles insider trading case with Sebi, pays Rs 1.38 cr

Analyst and money manager allegedly procured price-sensitive information from senior officials of Mannapuram Finance in 2013

Saurabh Mukherjea, the former chief executive officer (CEO) of Ambit Capital, has settled a case of alleged breach of insider trading and fraudulent trade practices regulations. Mukherjea, a noted analyst and money manager, paid the Securities and Exchange Board of India (Sebi) Rs 1.38 crore for the settlement.

Mukherjea, in 2013, allegedly procured price-sensitive information from senior officials of Mannapuram Finance (MFL) and communicated the same in a research report.

“Saurabh Mukherjea has not maintained the confidentiality of the price sensitive information and has thereby violated Regulation 12(1) (e) of the Sebi (PIT) Regulations, 1992 read with clause 2.1 and