Last year, the Securities and Exchange Board of India (Sebi) had decided to implement system-driven disclosures for members of the promoter group, directors and designated persons of a listed company
Sebi has barred two entities and five individuals for indulging in fraudulent trading activities with respect to GDR issuance by Soma Textiles & Industries Ltd. Soma Textiles & Industries Ltd is hereby restrained from accessing the securities market.directly or indirectly.for a period of 3 years from the date of this order, Sebi said in an order passed on Monday. Others facing the prohibition are SK Somany, AK Somany, P Bandopadhyay, Prafull Anubhai, Sunil Patel and Whiteview Trading Corporation. The ban has been imposed for a period ranging from 1-3 year. An investigation was conducted by Sebi with respect to the GDR (Global Depository Receipt) issuance by the company during October 1-31, 2006.
Mumbai: Billionaire stock market investor Rakesh Jhunjhunwala has filed a consent application with the Securities and Exchange Board of India (Sebi) to settle an alleged insider trading case in the shares of education company Aptech Ltd dating to 2016, said two people familiar with the development.
Apart from Jhunjhunwala, Aptech board members Utpal Sheth, Ramesh S Damani and Madhu Jayakumar are also learned to have filed consent applications with Sebi. Sheth is the CEO of Jhunjhunwala’s asset management firm Rare Enterprises.
Consent applications are out-of-court settlements over securities law violations. They are negotiated between the regulator and the entities concerned, without admission of guilt and without denial of liabilities, and involves the payment of a fee. The consent mechanism is a discretionary exercise on the part of the regulator.
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Aptech insider trading case: Rakesh jhunjhunwala files consent appeal with SEBI
SEBI had issued show-cause notices to Jhunjhunwala and Aptech s board members, querying why action should not be taken against them for security law infringements
BusinessToday.In | February 6, 2021 | Updated 12:35 IST
Jhunjhunwala and his family own a 49% stake in Aptech Ltd
Ace investor Rakesh Jhunjhunwala has filed a consent appeal with the SEBI (Securities and Exchange Board of India) to settle an alleged insider trading case concerning the shares of education company Aptech Ltd. The case dates back to 2016.
Besides, the billionaire investor, Aptech board members Madhu Jayakumar, Utpal Sheth, and Ramesh S Damani have also filed consent applications with the markets regulator, the Economic Times reported.