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SEBI has given clean chit to former non-executive director of YES Bank Subhash Chander Kalia in an insider trading case. There was nothing on record to prove that Kalia colluded with any person responsible to disseminate the information or traded on its bases in YES Bank, SEBI said.
A SEBI order said that it was noticed as per the demat account statements that Kalia had started selling the shares of YES Bank only after he had ceased to be associated with it due to the supersession of the bank board by the RBI.
Therefore, SEBI said, if Kalia had to benefit from the act of insider trading, he would not have waited till the expiry of his tenure in YES Bank to sell its shares.
Earlier, it was alleged that Kalia was an insider and had traded in YES Bank’s scrip while in possession of unpublished price-sensitive information (UPSI).
He was also a member of the audit committee of YES Bank and chairman of risk-monitoring committee during the period of UPSI. At the relevant point in time, he was observed to have purchased 1,000 shares of YES Bank on February 8, 2019, i.e, during the period of UPSI, for ₹1.74 lakh.
However, SEBI, pursuant to an investigation, concluded that “the charges levelled against...Kalia Subhash Chandra do not stand established”.
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