Shareholder settles case with SEBI in Wipro matter

PTI New Delhi | Updated on September 04, 2019 Published on September 03, 2019

Markets regulator SEBI has settled a case with an individual for alleged delay in making requisite disclosures regarding her shareholding in Wipro.

The watchdog has settled the matter with one Kumudha Sridharan on payment of a little over Rs 5 lakh towards settlement charges.

A SEBI probe had prima facie revealed that Kumudha Sridharan had on two occasions delayed making the disclosures as required under the PIT (Prohibition of Insider Trading) norms with respect to change in her shareholding in Wipro.

Kumudha Sridharan had approached SEBI to settle the case “without admitting or denying the findings of fact and conclusions of law”.

“The proposed proceedings that could have been initiated for the defaults ... are settled qua the applicant (Sridharan),” the regulator said in an order dated August 30.

SEBI noted that it would have the right to take enforcement actions, if it finds that any representation made by the applicant is subsequently discovered to be untrue.

Published on September 03, 2019
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