SEBI fined 4 people for violations in Mindtree share trading

Four people were fined a total of 4 lakh on Monday by the capital markets regulator Sebi for breaking the rules against insider trading in Mindtree shares. This occurred between January and March of 2019 while they were designated employees.

According to four different orders, Sebi fined R N Shankar Prasad, Vinay Kumar Sutrave, Ravikumar Kavitha, and Gangadharan Sivasankar each one lakh rupees.

The regulator’s instructions followed a Sebi investigation after it was informed about potential violations of the firm’s designated persons/employees’ rights to refrain from engaging in insider trading.

The regulator discovered that the people weren’t following the rules between January and March of 2019.

According to the Securities Exchange Board of India, they had traded in the business’s securities while they were employed by Mindtree but failed to notify the company as required by the prohibition of insider trading rules (Sebi).

The triggering of the disclosure obligations was due to the transactions in question having a market value greater than Rs. 10 lakh.

In a different order, the regulator fined Subrata Roy Sahara and three other people a total of 12 crore rupees for breaking the rules when they issued optionally fully convertible debentures in 2008 and 2009. The fines were also levied against two Sahara Group companies, Sahara Commodity Services Corporation Ltd and Sahara Housing Investment Corporation Ltd.

The persons include Ashok Roy Choudhary, Ravi Shanker Dubey, and Vandana Bharrgava, who were the company’ former directors. A Sebi order states that they must pay the fines jointly and severally within 45 days.