Saurabh Mukherjea has paid ₹1.377 crore with SEBI to settle a case with regard to Manappuram Finance for alleged violation of not maintaining the confidentiality of the price sensitive information.
According to SEBI findings, MFL in its board meeting held on March 13, 2013, has recorded that “ ......there was a probability that the company may have to report negative profit for the quarter ended 31st March 2013 contrary to the expectations of stakeholders. Management said that it would seek professional advice as to what needs to be done in this regard towards making appropriate disclosures to all the stake holders.
“Therefore, the information of negative profit for the 4th quarter of FY2012-13 is deemed to be the price sensitive information, SEBI said. Further, when the information was made public, the price of the scrip declined by 14.25 per cent on March 20, 2013.
Saurabh Mukherjea of Ambit Capital Private Limited in its meeting dated March 18, 2013, with I. Unnikrishnan and Sachin Agrawal of MFL procured the UPSI and communicated the said UPSI through research report in violation of PIT Regulations, SEBI said . The applicant, without admitting or denying the findings of fact and conclusions of law, proposed to settle, through a settlement order. The High Powered Advisory Committee recommended the case may be settled on payment of ₹1.377 crore.
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