(PTI) Markets regulator Sebi on Wednesday imposed fines totalling ₹8 lakh on eight individuals for violation of insider trading norms in the shares of Titan Company Ltd.
The regulator slapped a fine of ₹1 lakh each on Kuldeep Singh Yadav, Ganesh Kumar K, K Ramakrishna, P Tamilarasan, O Boopathi, Ketan Shantilal Savaliya, Rakesh Kishor Rathod and Soma Bhattacharya, according to eight separate orders.
The transactions were carried out by the designated persons/employees of Titan between April 2018 and March 2019.
The order came after Sebi received a letter from Titan Company Ltd (TCL) wherein the company intimated the market watchdog about contravention of PIT (Prohibition of Insider Trading) regulations and the company's code of conduct by some of its designated persons/employees.
Thereafter, Sebi conducted an investigation into the shares of TCL and observed several non-compliances with PIT rules during the period April 2018 to March 2019.
During their employment, they had transacted in the securities of the firm but failed to make disclosures to the firm under the insider trading norms, as per the Securities and Exchange Board of India (Sebi).
The disclosure was mandatory as the transactions exceeded the market value of ₹10 lakh.
Meanwhile, in a separate order, Sebi levied a fine of ₹3 lakh on Banyantree Services Ltd for violating investment adviser norms.
Banyantree Services Ltd is a Sebi-registered investment adviser.
The order came after Sebi conducted an inspection of Banyantree Services Ltd having a website and an app with the name of 'ET Money'.
The inspection was conducted during 2018-2019.