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Aarushi Jain and Arun Jain of Intellect Design Arena (IDAL) have settled case with the Securities and Exchange Board of India through the consent route mechanism.
Aarushi will have to pay ₹40.93 lakh, which included ₹22.31 lakh as settlement, ₹13.78 lakh as disgorgement of alleged ill-gotten gains along with interest of ₹4.84 lakh. Arun Jain has agreed to pay ₹1.35 crore.
SEBI had conducted an investigation into the insider trading activities in the scrip of Intellect Design Arena for the period February 13, 2018 to June 7, 2018. IDAL on June 7, 2018, had informed the stock exchanges about its pact with IBM to deliver seamless digital transformation to the world’s largest banks using IBM cloud.
Share purchase
Arun Jain, Chairman and Managing Director and promoter of IDAL, was alleged to be in possession of the UPSI.
It is alleged that he communicated the same to his daughter, Aarushi Jain, and also funded her trades. Based on the UPSI communicated by her father, Aarushi Jain bought one lakh shares of IDAL.
Both had filed separate settlement applications in terms of the SEBI proposing to settle, without admitting or denying the findings of fact and conclusions of law, through a settlement order.
The stock of Intellect Design Arena closed 0.23 per cent lower at ₹710.70 on the BSE.
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