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Sun Pharma's senior exec, wife settle insider trading case with Sebi

Press Trust of India  |  New Delhi 

Sun Pharma group's Abhay Arvind and his wife have settled with Sebi a case related to in shares of in 2014.

Both have paid a total of over Rs 70 lakh as settlement charges.

At the time of alleged violation, Abhay Arvind was the of (SPLL), a wholly-owned subsidiary of Industries Ltd.

Currently, Abhay is of Sun Pharma's business.

Gandhi and his wife traded in Ranbaxy shares soon after Japanese 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The proposed deal was UPSI (Unpublished Price Sensitive Information) from February 14, 2014 to April 6, 2014.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 norms, as per the notices.

As Gandhi was then the of SPLL, he and his wife were insiders under the Sebi norms.

Gandhi and 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.)

First Published: Thu, April 11 2019. 18:40 IST