8 people fined by SEBI for violating insider trading rules in the Titan case

25 Aug 2022 , 08:03 AM

Eight people were fined a total of Rs8 lakh on Wednesday by the market regulator Sebi for breaking the rules against insider trading in Titan Company Ltd. shares.

In accordance with eight separate decisions, the regulator-imposed fines of Rs1 lakh each on Kuldeep Singh Yadav, Ganesh Kumar K, K Ramakrishna, P Tamilarasan, O Boopathi, Ketan Shantilal Savaliya, Rakesh Kishor Rathod, and Soma Bhattacharya.

Between April 2018 and March 2019, Titan’s designated individuals and personnel completed the transactions.

The ruling was made after Sebi received a letter from Titan Company Ltd (TCL) informing the market regulator that certain of its authorized individuals and employees had violated the company’s code of conduct and PIT (Prohibition of Insider Trading) regulations.

Following that, Sebi looked into TCL’s stock and found many instances of PIT rule violations between April 2018 and March 2019.

According to the Securities and Exchange Board of India, they had traded in the company’s securities while they were employed but failed to notify the company of their transactions as required by the insider trading rules (Sebi).

Given that the trades were worth more than Rs10 lakh in the market, disclosure was required.

Banyantree Service Ltd was fined Rs3 lakh by Sebi for breaking the rules governing investment advisers in a separate judgment.

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