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Titan Case: Sebi levies Rs 2 lakh fine for violating insider trading norms

The transactions were carried out by the designated person/employee of TCL between April 2018 to March 2019

SEBI | Insider Trading | Titan Company

Press Trust of India  |  New Delhi 

File photo: PTI
File photo: PTI

Capital regulator on Tuesday levied a fine of Rs 2 lakh on an individual for violating norms in the shares of Ltd (TCL).

The regulator slapped a fine of Rs 2 lakh on Samik Ghosh (noticee).

The transactions were carried out by the designated person/employee of TCL between April 2018 to March 2019.

The order came after received a letter from TCL, wherein the company intimated to the regulator about the contravention of PIT (Prohibition of Insider Trading) rules and the company's code of conduct by some of its designated persons/employees.

Thereafter, conducted an investigation into the scrip of TCL and observed several non-compliances with PIT regulations during the period from April 2018 to March 2019.

During the employment, the noticee had transacted in the securities of the firm but failed to make disclosure to the firm under the norms, as per the Securities and Exchange Board of India (Sebi).

The disclosure was mandatory as transactions exceeded the market value of Rs 10 lakh.

Also, the noticee being a designated person of Titan by trading during the window closure and not taking requisite pre-clearance from the company and by executing contra trades, has violated the Code of Conduct under the PIT rules.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, November 22 2022. 22:12 IST