Markets regulator Sebi on Monday imposed financial penalty on three employees of Titan Company Ltd for violating insider trading norms.
The regulator had obtained a letter from Titan whereby it intimated about violation of Prevention of Insider Trading (PIT) laws and the company’s code of conduct for the prevention of insider trading by a few of its designated individuals/employees.
Thereafter, the regulator performed an investigation within the scrip of Titan and noticed a number of non-compliances with PIT Regulations through the interval April 2018-March 2019 by employees and designated individuals.
A Rathinappan, Murugan M and Ok Nagabushana have been amongst such employees, as per three separate orders.
During their employment with Titan, that they had transacted in securities of Titan however did not make requisite disclosures to the agency as required underneath PIT norms.
The disclosure necessities have been triggered on account of the transactions exceeding Rs 10 lakh traded worth.
By failing to make requisite disclosures, they’ve violated PIT norms, the regulator famous in three orders.
Consequently, Sebi has levied a fine of Rs 1 lakh every on them by means of separate orders.
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