SEBI-MD and 7 others were accused of taking a huge position in the share before the announcement of the deal.
SEBI bars them from buying, selling, or dealing in securities
Ordered to square off/close any open position in any exchange-traded derivative contracts within three months.
SEBI received system-generated insider trading alerts in February
10th Feb acquisition was announced, 9th March board approved.
Poonawala Group owns a 59.92% stake in erst-while Magma Fincorp as Promoter.
Co Response: MD denies allegations and has not received any financial benefit. Says will take legal action
Total recovery of illegal gain of Rs 13.58 Cr to be made from the accused ppl.
The entities will have to open an escrow account and deposit the ordered amount within 15 days of the order.
Key Public Shareholders
Nippon Life India 2.37%
Amansa Holdings 2.7%
Bank Muscat Fund 1.37%
Subsequent to above development Poonawalla Fincorp announces change in Chief Risk Officer
Poonawalla Fincorp has appointed Sharad Pareek as the Chief Risk Officer of the Company w.e.f. 16 September 2021 in place of Girish Poddar who has demitted his office w.e.f. close of business hours of 15 September 2021. Poddar would move to credit monitoring role in the organization.
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