Page 3 - Insider Trading

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

Capital markets regulator Sebi on Tuesday levied a fine of Rs 2 lakh on an individual for violating insider trading norms in the shares of Titan Company 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 Sebi 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, Sebi 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 insider trading norms, as per the Securities and Exchange Board of India (Sebi). The disclosure wa

Street Signs: Litmus test for IPO mkt, WhatsApp is Sebi's bogey, and more

This week, four companies are looking to raise more than Rs 4,100 crore via IPOs

Family feud: Kirloskar Brothers Ltd refutes charges of mis-utilising funds

Kirloskar Brothers Limited (KBL) on Sunday refuted allegations that it had spent Rs 274 crore towards payment of professional legal expenses and consultancy charges in the personal dispute of its Chairman and Managing Director Sanjay Kirloskar against his brothers Rahul and Atul. Kirloskar Pneumatic Co Ltd Executive Chairman Rahul Kirloskar and Kirloskar Oil Engines Ltd Executive Chairman Atul Kirloskar had on Saturday accused KBL of "mis-utilising shareholder resources of a publicly listed company and misusing regulatory machinery" after being cleared of insider trading charges by the Securities Appellate Tribunal (SAT). Rahul and Atul had stated that being a listed entity, KBL should justify the rationale and basis on which the company "has been spending huge amounts aggregating to approximately Rs 274 crore towards payment of professional and legal expenses" ever since their dispute arose in 2016. The brothers have been in a feud over the deed of family settlement for the assets

Kirloskar promoters get a breather in the insider trading case

The three-member SAT bench dismissed Sebi's argument that certain entities gained undue advantage of any UPSI

TMS Ep275:Credit Suisse, Natural Gas Price, NIFTY Earnings, Insider Trading

How big a threat is Credit Suisse to India and the world? How will high global natural gas prices affect India? Will banks and auto drive Nifty earnings in Q2? What is insider trading? Answers here

What is insider trading?

Sebi recently levied about Rs 6 lakh fine on three individuals for violating the insider trading norms in the shares of PVR Ltd. But what exactly is insider trading? Let's find out more in detail

PVR case: Sebi penalises 3 individuals for violating insider trading norms

Capital markets regulator Sebi has imposed fines totalling Rs 6 lakh on three individuals for violating the insider trading norms in the shares of PVR Ltd. The individuals - - Gautam Dutta (Noticee 1), NC Gupta (Noticee 2) and Pramod Arora (Noticee 3) -- were the designated persons/ employees of the company and are collectively referred to as noticees', Sebi said in an order on Friday. The order came after Sebi initiated adjudication proceedings against Dutta, Gupta and Arora while dealing in the shares of PVR allegedly in violation of PIT (Prohibition of Insider Trading) rules for the period April 2014 to March 2017. The regulator found that Dutta had conducted contra trades during the trading window closure period in the shares of PVR for which he did not take pre-clearances from the board of the company. Further, for some of the trades, he did not make disclosures, thereby violating the PIT regulations. In addition, Gupta did contra trades, for which no pre-clearance was taken f

Sebi penalises 19 persons for fraudulent trading in Global Infratech stock

Capital markets regulator Sebi has imposed a penalty of Rs 95 lakh on 19 individuals for indulging in manipulative trading in the shares of Global Infratech and Finance Limited. They have been directed to pay the penalty within 45 days, the Securities and Exchange Board of India (Sebi) said in its order on Friday. The regulator conducted an investigation in the scrip of Global Infratech and Finance Ltd (GIFL) for the period December 2017 to February 2018 to ascertain any violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. In its probe, Sebi found that 19 persons have followed a uniform strategy of executing 3,266 trades in a substantial quantity of shares, constituting 12.86 per cent of total market volume in a synchronised manner through a large number of trades ranging from 87 to 458 trades on each day for 39 days. "Such a repeated and uniform strategy of synchronised trades involving substantial quantity of shares was followed by noticees in order t

Top Headlines: Insider trading in NSE case, Tata's investing plan, and more

Business Standard brings you the top headlines at this hour

ED points to insider trading in NSE case, to share info with Sebi for probe

Narain, arrested a few days before the chargesheet was filed, had allegedly conspired with iSec in the tapping case from the beginning

Indian citizen pleads guilty in 1st ever crypto insider trading case in US

A 26-year-old Indian citizen has pleaded guilty in the first-ever cryptocurrency insider trading case in the US, in which he along with his brother and their Indian-American friend made ill-gotten profits totalling over a million dollars. Nikhil Wahi, a citizen of India and residing in Seattle, on Monday pleaded guilty to wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase's exchanges. Coinbase was one of the largest cryptocurrency exchanges in the world. This is the first time that a defendant has admitted his guilt in an insider trading case in the US involving the cryptocurrency markets. The charge carries a maximum sentence of 20 years in prison. He is scheduled to be sentenced by Judge Preska on December 13. In July this year, Nikhil and his elder brother Ishan, 32 along with their Indian-American friend

IIT alums became friends on Street. Then one turned on other

Former Goldman banker Brijesh Goel was arrested for insider trading. His friend, ex-Barclays trader Akshay Niranjan, is co-conspirator, who turned on his buddy

NSE shares compliance certificate on insider trading, tracks companies

The NSE last week shared compliance certificate on insider trading with companies, who have to give declaration and they are are tracking it at their end

Market regulator Sebi devices framework to curb insider trading

Initially, the new system will be applicable only for companies that are part of Sensex and the Nifty

SAT quashes insider trading charges against Biocon official Shreehas Tambe

The Securities Appellate Tribunal (SAT) has quashed the insider trading charges against Shreehas P Tambe when he was senior vice president of Biocon Ltd.

Sebi penalises eight individuals for violation of insider trading norms

The transactions were carried out between April 2018 and March 2019 when they were designated employees of Titan Company

Varun Beverages: Two entities settle insider trading case with Sebi

The order came after the two applicants proposed to settle the alleged violations of insider trading rules, "without admitting or denying the findings" through a settlement order.

US SEC files charges against several Indian-Americans for insider trading

The US SEC has filed insider trading charges against several Indian-Americans in connection with three separate schemes that together yielded more than $6.8 million in illicit gains

2 Indians, friend charged in 1st crypto insider trading scheme: Official

Two Indian brothers and their Indian-American friend have been charged in the US in the first ever cryptocurrency insider trading scheme in which they made illicit profits totalling over a mn dollars

Sebi ups tech arsenal to crack whip on 'mules' used for insider trading

A lot more orders are to be passed soon and the main reason for that is Sebi's surveillance mechanism has become almost 100-times more effective with the use of the latest technologies