Market

Sebi slaps Rs 7 lakh fine on Suprajit Engineering, three individuals

NEW DELHI: Markets regulator Sebi on Wednesday imposed a complete fine of Rs 7 lakh on Suprajit Engineering Ltd and three individuals for violating insider buying and selling norms.

A fine of Rs 2 lakh has been slapped on Suprajit Engineering Ltd (SEL), Rs 3 lakh on Jayarama Shetty Mundaje, and Rs 1 lakh every on Mohan Srinivasan Nagamangala and Meddapa Gowda J, respectively.

Mundaje was a director, Nagamangala was a president and Gowda is compliance officer at SEL.

An investigation into the scrip of Suprajit Engineering, the watchdog discovered situations of violations throughout the October 2014 to June 2016 interval.

Among others, it was discovered that Mundaje and Srinivasan had not obtained pre-clearance for buying and selling within the firm’s shares. This was in violation of minimal requirements for code of conduct to control, monitor and report buying and selling by insiders beneath PIT (Prohibition of Insider Trading) norms, as per an order.

Sebi additionally stated that a number of designated workers and their associated entities had additionally traded within the firm’s shares with out pre-clearances.

SEL and Gowda did not implement/ administer and monitor code of conduct and didn’t adjust to the provisions of PIT norms, in line with the order.

“I’m of the view that the thing and spirit of the PIT Regulations, 2015 would get defeated if the violators… will not be dealt as per the spirit of PIT Regulations, 2015.

(*7*) Sebi’s Adjudicating Officer G Ramar stated within the order.



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