Sebi drops insider trading charges against Vakrangee Softwares

PTI Mumbai | Updated on October 10, 2012 Published on October 10, 2012

Market regulator Securities and Exchange Board of India (Sebi) today dropped charges against Vakrangee Softwares and its eight executives, related to violations of insider trading norms.

In two separate orders, Sebi exonerated Vakrangee Softwares (VSL) along with its eight executives from the charges, saying “there is no history of any irregularity/indulgence of any violation” by the entities.

The regulator has dropped charges against company’s compliance officer, Pratik Bhanushali, its Finance Head Prem Meiwal and six directors— Dinesh Nandwana, N K Hayatnagarkar, Ramesh M Joshi, Anil Patodia, Sunil Agarwal, BL Meena and BK Gupta.

Sebi in its probe had found that Meiwal had sold significant quantities of VSL’s shares prior to the announcement of results for the quarter ended March 2009.

However, the investigation could not conclusively establish that Meiwal has traded while in possession of Unpublished Price Sensitive Information (UPSI) related to the company.

Sebi’s probe had revealed that Bhanushali failed to implement the code of conduct in order to prevent insider trading and six directors had failed in supervision and ensuring that the required compliance with regard to the code.

Besides, it was also alleged that VSL has wrongly disclosed Prem Meiwal and Nishikant Hayatnagarkar as promoters of the company during March 2008 to September 2009.

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Published on October 10, 2012
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