Capital markets regulator Sebi on Thursday imposed penalties totalling Rs 45 lakh on two individuals for indulging in insider trading in the shares of Deepak Fertilizers and Petrochemicals Ltd.
The regulator has slapped a fine of Rs 25 lakh on Naresh Ramniklal Mehta and Rs 20 lakh on his wife Pallavi Naresh Mehta, and also directed them to pay the fine within 45 days, according to an order.
Sebi noted that Naresh is a director of Nishant Infin, which provided business services to Deepak Fertilizers and its subsidiaries. Also, Naresh is a cousin of Sailesh Mehta, who is the Managing Director of Deepak Fertilizers.
Therefore, Naresh is reasonably expected to have access to information pertaining to Deepak Fertilizers, it said.
As per the order, the Mehta couple traded in the scrip of Deepak Fertilizers while in possession of Unpublished Price Sensitive Information (UPSI) pertaining to the financial results of the company for the quarter ended June 30, 2020.
“The noticees (Mehtas) ha
| Subscribe To Our Free Newsletter |
