A person on Wednesday settled a matter with market regulator Sebi in connection with alleged violation of insider trading norms in the case of Himadri Specialty Chemical Ltd after paying Rs 26 lakh as settlement fee.

The settlement order came after applicant Debasish Ghosh proposed to settle the expedited proceedings initiated against him “without admitting or denying the facts and findings of law”.

“In view of the acceptance of the terms of the Settlement and receipt of the Settlement Amount…the expedited adjudication proceedings initiated against the applicant vide show cause notice dated December 28, 2022…are disposed of in terms of the Settlement Regulations.” SEBI Adjudicating Officer Barnali Mukherjee said in an order.

The Securities and Exchange Board of India (SEBI) had initiated judicial proceedings against the applicant for alleged violation of code of conduct and PIT (Prohibition of Insider Trading) regulations.

A show cause notice was issued to the applicant on December 28, 2022 for alleged violation of norms.

Thereafter, the applicant filed a settlement application with SEBI, which recommended settlement of the matter on payment of Rs 26 lakh.

The applicant paid the amount and the matter was settled.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was auto-generated from a syndicated feed.)

first published: 23 August 2023 | at 10:56 pm First

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