The three individuals were employees of
Ltd and had transacted in the company’s scrip from January 2019 to March 2019.
Further, they had done transactions aggregating to a traded value in excess of Rs 10 lakh each over a calendar quarter.
They were required to submit the disclosures to the company within two working days of transactions under the PIT (Prohibition of Insider Trading), regulations.
However, they failed to make the disclosures.
The orders came after Sebi received a letter from Mindtree in October 2018 informing the regulator instances of violation of the code of conduct framed by the company under the provisions of insider trading rules by some of its employees and action taken by the company pursuant to the same .
Meanwhile, in another order, the regulator slapped fines totalling Rs 11 lakh on 2 entities in a case related to violation of insider trader rules in the matter of .
The order came after Sebi had conducted an investigation with respect to trading in the scrip of Infibeam Avenues Ltd (IAL) for the period between August 2016 and June 2017.
In its order, the regulator imposed a fine of Rs 10 lakh on SRBC & Co LLP and Rs 1 lakh on Rachit Shrenikbhai Jhaveri.
SRBC & Co LLP is the joint statutory auditor of IAL, while Jhaveri was assistant manager of SRBC during the period from September 2016 to March 2017.
The regulator found that SRBC had shared the information containing financial results, which was unpublished price-sensitive information with two of its employees, thereby violating PIT rules.
“I note that trade executed by Jhaveri in the scrip of Infibeam was during the trading window closure period of the company for the quarter ended December 2016,” Sebi’s adjudicating officer Soma Majumder said.
She also noted, Jhaveri being an employee of SRBC was involved in the limited review for the quarters ended September 2016, December 2016 and March 2017, and thus being connected person of IAL was prohibited from trading in the securities of IAL when the window trading closed .
Therefore, SRBC and Jhaveri have contravened the provisions of PIT norms.
In a separate order, the regulator levied fines totalling Rs 24 lakh on 14 entities for indulging in fraudulent trade practices in the matter of
The order came after Sebi conducted an investigation in the trading activities of certain entities in the scrip of Greencrest for the period from March 2012 to July 2015.