Sebi levies fine on Varun Beverages employee for violating insider trading norms

New Delhi: Markets regulator Sebi on Wednesday imposed monetary fine on an employee of Varun Beverages Ltd for violating insider trading norms. The order follows an investigation carried out by the regulator between January 2017-April 2018.

Sebi noted that Bagga Rajinder Jeet Singh had failed to comply with provisions of Prohibition of Insider Trading norms by failing to make requisite disclosures regarding the two transactions he carried out while in the employment of the company.

Being an employee of the company, he was required to make disclosures to the firm, for each of the transactions within two working days.

Disclosure requirements were triggered because the traded value of Singh's transactions in the scrip exceeded Rs 10 lakh. However, he failed to do so.

Consequently, Sebi levied a fine of Rs 3 lakh on Singh.

Separately, Sebi has imposed penalty of Rs 1 lakh on an employee of Titan Company Ltd--Ganesan Muthusamy-- for disclosure lapses, in violation of PIT norms.

On three occasions, the values of his trade exceeded Rs 10 lakh and he failed to make requisite disclosures to the company.

Through three separate orders, the regulator has levied fine of Rs 5 lakh each on Nishul Jain, Madhumita Dutta and Arun Shivaji Patil HUF for fraudulent trading in stock options segment of BSE. They violated Prohibition of Fraudulent and Unfair Trade Practices norms, Sebi noted.