Markets regulator Sebi on Friday lifted restrictions imposed on ten entities, including individuals, in a matter pertaining to alleged insider trading in the scrip of Zee Entertainment Enterprises Ltd.
They were alleged to have traded in the scrip of the firm while in possession of unpublished price sensitive information (UPSI) pertaining to audited financial results of ZEEL for the quarter ended June 30, 2020.
They allegedly violated Prohibition of Insider Trading norms.
Consequently, the regulator had barred 15 entities from accessing securities market till further directions and also directed impounding of ill-gotten gains to the tune of Rs 23.84 crore from certain entities, according to an interim order in August 20, 2021.
The 15 entities are -- Bijal Shah, Gopal Ritolia, Jatin Chawla, Amit Bhanwarlal Jajoo, Manish Kumar Jajoo, Gomati Devi Ritolia, Daljit Gurucharan Chawla, Monika Lakhotia, Pushpadevi Jajoo, Bhawarlal Ramniwas Jajoo, Bhawarlal Jajoo HUF, Ritesh Kumar Kamalkishore Jajoo, Successure Partners, Yash Anil Jajoo and Vimla Somani.
Bijal Shah was head of the financial planning and analysis, strategy and investor relations at ZEEL.
Thereafter, aggrieved by an order of the regulator, five individuals had filed appeals in Securities Appellate Tribunal and the tribunal had set aside the interim order restraining the appellants from dealing in the securities market.
Relying on the order, the other 10 entities also sought similar relief from the restrictions imposed on them. Sebi said it has preferred to challenge the order of the tribunal passed in November 2021, before the Supreme Court.
Thus, lifting the restrictions on the ten entities, Sebi said the directions given in this order would be subject to the outcome of the appeal proceedings filed by Sebi against the order of SAT before the Supreme Court.
Besides, the funds deposited by them in an interest bearing escrow account will remain in the account until further orders, Sebi said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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