Markets regulator Sebi on Friday levied fines totalling Rs 8 lakh on eight individuals for violation of insider trading norms in the shares of Titan Company Ltd.
The regulator imposed a fine of Rs 1 lakh each on Arpit Mathur, Rajakumar G, Sridhar K, Deep Chandra Pandey, Sarvesh Agarwal, VPV Vijay Kumar, Vijendra Bisht and Jayprakash Kumar, according to eight separate orders.
The transactions were carried out between April 2018 to March 2019, when they were designated employees of Titan Company.
The order came after Sebi received a letter from Titan Company Ltd (TCL) wherein the firm intimated the regulator about alleged violations of Prohibition of Insider Trading (PIT) rules and the company’s code of conduct by some of its persons/ employees.
Thereafter, the market watchdog investigated the scrip of TCL and found several non-compliances with PIT regulations by the individuals from April 2018 to March 2019.
During their employment with TCL, they had transacted in the securities of the company but failed to make disclosures to the firm as required under the PIT norms, as per the Securities and Exchange Board of India (Sebi).
The disclosure was mandatory as the transactions exceeded the market value of Rs 10 lakh.
In a separate order, the regulator slapped a fine of Rs 10 lakh on two individuals for violating insider trading rules in the shares of Manpasand Beverages Ltd.
The said amount is to have been paid by the individuals jointly and severally.
The order came after Sebi conducted an investigation in the scrip of Manpasand Beverages Ltd (MBL) for the period April-June 2018.