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Sebi revokes securities market ban on 6 entities in Poonawalla Fincorp case
Markets regulator Sebi on Thursday revoked a securities market ban imposed on six entities in a case of alleged insider trading in the shares of Poonawalla Fincorp Ltd, earlier known as Magma Fincorp Ltd.
The six entities are Saumil Shah, Surabhi Kishore Shah, Amit Agrawal, Murlidhar Bajaranglal Agrawal, Rakesh Rajendra Bhojgadhiya and Rakesh Rajendra Bhojgadhiya HUF.
The regulator revoked the ban following the settlement of cases by the entities.
The six entities had filed the settlement applications under the provisions of Sebi (Settlement proceedings) rules in respect of the alleged violation of norms, according to a Sebi order.
The settlement terms proposed by the noticees were accepted and approved by Sebi and subsequently, settlement orders were passed in respect of the proceedings initiated against the noticees vide the show cause notice.
Sebi had passed an ex-parte ad-interim order in September 2021, against certain entities, including the noticees, for alleged violation o