Sunil Krishna Khaitan, chief of Khaitan Electricals, has settled a case related to alleged violation of insider trading norms with markets regulator Sebi on payment of Rs 2 lakh towards settlement charges.
"The adjudication proceedings proposed to be initiated against the applicant for the alleged violation ... Are settled," Sebi said in a settlement order passed on July 31 adding it would not initiate any enforcement action for the alleged default.
According to information available with BSE, Sunil Krishna Khaitan is chairman and managing Director of Khaitan Electricals.
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Khaitan allegedly made delayed disclosure in violation of Prohibition of Insider Trading (PIT) Regulations.
Pending adjudication proceeding, Khaitan had offered to settle the case.
Thereafter, Sebi's High Powered Advisory Committee recommended the case for settlement on payment of Rs 2 lakh towards settlement fee. This was also approved by Sebi's panel of whole-time members, following which he remitted the amount.
Accordingly, Securities and Exchange Board of India (Sebi) disposed of the adjudication proceedings initiated against Khaitan.
It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by him is found to be untrue.
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