Capital markets regulator Sebi on Tuesday levied a fine of ₹2 lakh on an individual for violating insider trading norms in the shares of Titan Company Ltd (TCL).
The regulator slapped a fine of ₹2 lakh on Samik Ghosh (noticee).
The transactions were carried out by the designated person/employee of TCL from April 2018 to March 2019.
The order came after Sebi received a letter from TCL, wherein the company intimated to the regulator about the contravention of PIT (Prohibition of Insider Trading) rules and the company's code of conduct by some of its designated persons/employees.
Thereafter, Sebi conducted an investigation into the scrip of TCL and observed several non-compliances with PIT regulations during the period from April 2018 to March 2019.
During the employment, the noticee had transacted in the securities of the firm but failed to make disclosure to the firm under the insider trading norms, as per the Securities and Exchange Board of India (Sebi).
The disclosure was mandatory as transactions exceeded the market value of Rs 10 lakh.
Also, the noticee being a designated person of Titan by trading during the window closure and not taking requisite pre-clearance from the company and by executing contra trades, has violated the Code of Conduct under the PIT rules.