The market regulator has asked them to demonstrate why action should not be taken and order for disgorgement of the gains should not be passed against them. This comes after SEBI conducted an investigation in the suspected insider trading activities by certain entities while trading in the scrip of Divi's Lab between July 7-10, 2017.
The market regulator has asked them to demonstrate why action should not be taken and order for disgorgement of the gains should not be passed against them. This comes after SEBI conducted an investigation in the suspected insider trading activities by certain entities while trading in the scrip of Divi's Lab between July 7-10, 2017.
During its investigation, the market regulator also found that Divi's CFO and his son Praveen Lingamneni had not applied for a pre-clearance for their trades as required under the Prohibition of Insider Trading Regulations. It was also observed that Kishore Babu had funded the trades made by his son before the corporate announcement.
Concluding its investigation, SEBI has established a prima facie case against the CFO along with his son and other individuals alleging that they have violated the insider trading regulations and disclosure norms. SEBI has alleged that the individuals made an unlawful gain of Rs 96.68 lakh.
Concluding its investigation, SEBI has established a prima facie case against the CFO along with his son and other individuals alleging that they have violated the insider trading regulations and disclosure norms. SEBI has alleged that the individuals made an unlawful gain of Rs 96.68 lakh.
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