Capital markets regulator Sebi has imposed fines totalling Rs 6 lakh on three individuals for violating the insider trading norms in the shares of PVR Ltd.
The individuals – – Gautam Dutta (Noticee 1), NC Gupta (Noticee 2) and Pramod Arora (Noticee 3) — were the designated persons/ employees of the company and are collectively referred to as noticees’, Sebi said in an order on Friday.
The order came after Sebi initiated adjudication proceedings against Dutta, Gupta and Arora while dealing in the shares of PVR allegedly in violation of PIT (Prohibition of Insider Trading) rules for the period April 2014 to March 2017.
The regulator found that Dutta had conducted contra trades during the trading window closure period in the shares of PVR for which he did not take pre-clearances from the board of the company. Further, for some of the trades, he did not make disclosures, thereby violating the PIT regulations.
In addition, Gupta did contra trades, for which no pre-clearance was taken f
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