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Days after the death of former Tata Finance MD Dilip Pendse, capital market regulator SEBI said it has disposed off an insider trading case against him. SEBI said a penalty cannot imposed on him as he has already been penalised through earlier orders.
The case dates back to 2001 and Pendse was alleged to have facilitated sale of one lakh shares of the company worth Rs 69 lakh held by the then Director J E Talaulicar and his family, while he was in possession of the ‘unpublished price sensitive information’ (UPSI).
Pendse's death this month was declared a suicide.
“The available evidence could show probability of some role in helping/assisting Talaulicar in sale of the shares after his decision to sell while he was in possession of the UPSI but such role/involvement cannot be termed as ‘organising Talaulicar to deal in securities on the basis of UPSI’,” Sebi said.
With regard to such role, the Adjudicating Officer said that Pendse has already been penalised under the PIT (Prohibition of Insider Trading) Regulations, wherein he had been directed to dissociate himself from the securities market and not deal in securities for a specified period and he has already suffered such restraint.
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