Markets regulator Sebi on Tuesday levied monetary penalty on an employee of Titan Company Ltd for disclosure lapses, in violation of insider trading norms.
Sebi received a letter from Titan wherein the company intimated about contravention of Prevention of Insider Trading (PIT) regulations and company's code of conduct for the prevention of insider trading by some of its designated persons/employees.
Thereafter, the regulator conducted an investigation in the scrip of Titan and observed several non-compliances of PIT Regulations during the period April 2018-March 2019 by employees and designated persons including one Chandan Gupta.
Gupta, while in employment of Titan, transacted in the firm's securities on two occasions in the calendar quarter ending on September 30, 2018.
On both the occasions, the total value traded was in excess of Rs 10 lakh.
Therefore, in terms of PIT norms, he was required to make disclosures to Titan for each of the transactions within two working days. However, he failed to do so.
Consequently, Sebi has levied a fine of Rs 1 lakh on Gupta.
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