Capital markets regulator SEBI on Monday imposed total penalty Rs 4 lakh on four people for violating insider trading guidelines in Mindtree shares. This happened during the period January-March 2019 when they were designated employees.
SEBI imposed fine One lakh each on RN Shankar Prasad, Vinay Kumar Sutrave, Ravikumar Kavita and Gangadharan Shivshankar according to four different orders.
The regulator’s orders came after SEBI’s probe, when it was informed about the alleged violation of prohibition of insider trading norms by certain designated persons/employees of the firm.
The regulator found non-compliance by individuals with the rules during the period January-March 2019.
During his employment with Mindtree, he had transacted in the securities of the company but failed to make disclosure to the firm under the Securities Exchange Board of India (SEBI) regulations (Prohibition of Insider Trading).
The disclosure requirements were triggered by related transactions in excess of the market value of 10 lakhs.
In another separate order, the regulator imposed a total penalty of Rs. In 2008 and 2009, two firms of the Sahara Group – Sahara Commodity Services Corporation Ltd and Sahara Housing Investment Corporation Ltd – along with Subrata Roy Sahara and three other persons were found guilty of violating norms in issuing alternatively fully convertible debentures. But 12 crores.
The then directors of the individual companies are – Ashok Roy Chowdhury, Ravi Shankar Dubey and Vandana Bhargava. As per a SEBI order, the penalty has to be paid jointly and severally within 45 days.