Sebi fines two employees of Mindtree, two others of Titan Company
Premium- The said employees of Mindtree and Titan Company have 45 days to pay the fine amount to Sebi.
Markets regulator Securities and Exchange Board of India (Sebi) imposed a monetary fine of ₹1 lakh each on two employees of Mindtree Ltd and Titan company Ltd for violating insider trading norms.
Mindtree had informed Sebi regarding instances of the violation of the code of conduct framed by the company under the Prohibition of Insider Trading (PIT) norms by two of its employees.
The investigation was carried out during January-March 2019.
Praveen Udhayasuriyan and G V D Prasad Rao had failed to make the requisite disclosures within the stipulated time for their transactions in the firm's scrip, in terms of PIT norms.
Sebi in separate orders noted that their violations affect multiple stakeholders and have an impact on the entire securities market.
The regulator has levied a fine of ₹1 lakh each on them.
Separately, Sebi has slapped a fine of ₹1 lakh each on two employees of Titan Company Ltd. The market regulator said both the employees Pooja Chauhan and Rajesh Chamy failed to make discloures as traded value of transactions exceeded ₹10 lakh
Sebi conducted an investigation during April 2018-March 2019.
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The regulator had received a letter from Titan, wherein the company intimated about violation of PIT regulations and the company's code of conduct for the prevention of insider trading by some of its designated persons/employees.
The said employees of both the companies have 45 days to pay the fine amount to Sebi. In any event of failure, recovery proceedings may be initiated for realization of the penalty amount along with interest by attachment and sale of movable and immovable properties.
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