SEBI imposes penalty for disclosure lapses in ITC shares Moneylife Digital Team 0 The Securities and Exchange Board of India (SEBI) has imposed a penalty on an individual for his failure to comply with disclosure requirements while dealing with the shares of ITC Ltd.
SEBI conducted an investigation in the scrip of ITC from 1 April 2018 to December 2018 to ascertain whether there was any disclosure violation of Prohibition of Insider Trading (PIT) Regulations by the individual.
During the probe, SEBI noted that Victor Peter Christopher (noticee) is an employee of ITC since 2 January 2012, as 'Manager-Loss Prevention' with its hotels divisions and ITC had allotted employee stock options to Victor. Pursuant to this he had exercised his options and he was allotted 15,970 shares by ITC on 24 September 2018, and subsequently, he sold these shares on 1 October 2018.