Dilip S Pendse, former Managing Director of Tata Finance, has been banned from accessing the capital market for two years with immediate effect, for executing illegal transactions in the past.
The Securities and Exchange Board of India (SEBI) found that Pendse had executed illegal transactions through Inshallah Investments (in which Niskalp Investment, an arm of Tata Finance, had a vital financial interest) in the scrips of HFCL, Telco, Infosys and SSI.
Pendse was found to have violated insider trading regulations.
The complaint against Pendse was filed by Tata Finance in October 2002 for having allegedly executed the transactions in complicity with two brokers — Jhunjhunwala Stock Brokers and Pratik Stock Vision.
According to the complaint, Pendse was stated to be a Director in Niskalp and Inshallah when the said transactions were carried out.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.