Both have paid a total of over Rs 70 lakh as settlement charges.
Gandhi and his wife traded in Ranbaxy shares soon after Japanese major Daiichi, in 2014, agreed to sell Ranbaxy to Sun Pharma.
According to separate notices sent to the two individuals, they had traded in the shares of Ranbaxy when the proposed deal was to be made public.
The proposed deal was UPSI (Unpublished Price Sensitive Information) from February 14, 2014 to April 6, 2014.
By trading in the shares of Ranbaxy during the UPSI period, both allegedly violated prohibition of insider trading norms, as per the notices.
As Gandhi was then the chief of SPLL, he and his wife were insiders under the Sebi norms.
Gandhi and Kiran traded in 454 shares and 6,770 shares, respectively, during the UPSI period.
In two separate but similarly-worded orders issued on Thursday, Sebi said the two individuals sought to settle the adjudication proceedings initiated against them in 2017.
Under Sebi's settlement mechanism, without admission or denial of guilt, both proposed to pay Rs 35.06 lakh each to settle the case.
The settlement amounts proposed were approved by a panel of Sebi's Whole Time Members, according to the two orders.
While settling the case, the regulator also said that enforcement actions could be initiated if any representation made by the two individuals is found to be untrue.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)