Four individuals settle insider trading case with Sebi

New Delhi: Four individuals have settled with markets regulator Sebi cases of alleged violation of insider trading norms while dealing in the scrip of Seshasayee Paper and Boards Ltd (SPBL) by paying nearly Rs 27 lakh.

An amount of Rs 6,74,688 each has been paid by Renugambal B, Swarnakumari R, Balakrishnan N and Srinivasan R, according to four separate Sebi orders.

The persons made delayed disclosures to the company with regards to change in type of shareholding from normal to promoter, thereby, violating the provisions of PIT (Prohibition of Insider Trading) Regulations.

Thereafter, they proposed to Sebi to settle the proceedings, without admitting or denying the findings of fact and conclusions of law, through a settlement order, and filed settlement applications separately with the regulator.

Sebi's High Powered Advisory Committee considered the settlement terms proposed by the entities and recommended the cases for settlement upon payment of Rs 6,74,688 from each individual.

Accordingly, they paid the respective settlement amounts, following which the Securities and Exchange Board of India (Sebi) disposed of the cases.

Earlier, in the same matter, six entities had settled cases with the regulator for alleged disclosure lapses while dealing in shares of SPBL by paying a total of Rs 51.5 lakh towards settlement charges.