Markets regulator Sebi today slapped a total fine of Rs 1 crore on two individuals for violating insider trading norms with regard to trading in the shares of Tricom India Ltd (TIL).
The watchdog has imposed a fine of Rs 50 lakh each on TIL's promoter and managing director Chetan Kothari and his wife Chetana Kothari for violating PIT (Prohibition of Insider Trading) Regulations, according to a Sebi order.
Chetan Kothari and Chetana Kothari had traded 54,584 and 1,74,825 shares, respectively, of TIL from August 3 to August 14, 2012, according to the order.
Noting that Chetan Kothari and Chetana Kothari "were insiders and had traded in the shares of TIL while in possession of UPSI (unpublished price sensitive information)", Sebi said that the alleged violation of PIT Regulations by them stands established.
The regulator observed that the financial results of TIL for the quarter ended June 2012 was a price sensitive information (PSI) and since these were published on BSE's website on August 14, 2012, the results were UPSI before that date.
According to Sebi, the notice of board meeting scheduled on August 14, 2012 regarding declaration or discussion of financial results of TIL for the quarter ended June, 2012 was sent to all directors on August 3, 2012.
The Kotharis were privy to UPSI from August 3, 2012 onwards, the Securities and Exchange Board of India (Sebi) said.
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