Sebi on Monday levied fines totalling Rs 65 lakh on five individuals for flouting insider trading norms in the matter of ABC Bearings Ltd.
The regulator slapped a fine of Rs 20 lakh on Jaisingh Sudhirkumar Choudhary, Rs 15 lakh on Menal Rasesh Parikh and Rs 10 lakh each on Himanshu K Desai, Anirudh R Parikh and Sudhirkumar Choudhary.
The order came after Sebi conducted a detailed investigation into the matter to ascertain whether trading was done in the scrip of ABC Bearings by certain suspected entities on the basis of unpublished price-sensitive information (UPSI) relating to the merger of ABC Bearings with Timken India Ltd for the period January-July 2017.
In its order, the Securities and Exchange Board of India found that Himanshu, who had been representing Parikh & Shah (P&S), the statutory auditor of ABC Bearings had attended meetings pertaining to the proposed merger and was in possession of UPSI, therefore he was an insider.
“I note that Himanshu had access to UPSI …
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