SEBI on Thursday barred one person from the capital markets for six months and imposed a penalty of Rs 12 lakh on him for indulging in insider trading in the shares of IT solutions company NIIT Technolo⛄gies.
Apart from these, the regulator has directed the person -- Arvind Mehrotra -- to disgorge loss avoided to the tune of Rs 1.03 lakh, along w♌ith interest, according to an order passed by Sebi.
The markets watchdog, in its order, noted that Mehrotra, who was the business Head of Asia & Australia with the title as President- Infrastructure Management Services (IMS) of the company, had traded in the shares of the firm while in possession of the unp☂ublished price sensitive information (UPSI) related to the dispute between the company’s subsidiary and its client in the APAC re🎶gion.
"Further, while in possession of the relevant UPSI, the Noticee no. 3 (Mehrotra) has traded and executed the sale of 2,500 shares of the Company on🍒 January 5, 2015 (1,000 shares) and February 24, 2015 (1,500 shares)," Sebi noted.
Also, Mehrotra applied for pre-clearance of trades in the sᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚcrip of the company claiming falsely that he was not in possession of UPSI even though he was in possession of UPSI.
Further, he failed to disclose the details of s♕elling 2,000 shares of NIIT for a sum of more than Rs 5 lakh in November 2014 to the company and the stock exchanges.
Through such acts, Mehrotra has violated the 🐟provisions of insider trading rules and the model code of con🏅duct prescribed for the prevention of insider trading rules, the SEBI noted.
-With PTI Input
