Biocon employee penalized by SEBI for violating insider trading norms
Biocon Ltd's employee Girija Kelath violated the Prohibition of Insider Trading (PIT) Regulations by trading in the shares of Biocon during the trading window closure period, which is specifically prohibited.;
New Delhi: Markets regulator Sebi on Thursday levied a fine of Rs 5 lakh on an employee of Biocon Ltd for violating insider trading norms while dealing in the scrip of the firm.
Biocon's employee Girija Kelath violated the Prohibition of Insider Trading (PIT) Regulations by trading in the shares of Biocon during the trading window closure period, which is specifically prohibited.
The order follows an investigation carried out by Sebi to ascertain if there was any violation of PIT norms by Girija Kelath, a designated person of Biocon, with respect to her transactions during August 31, 2018, to October 1, 2018.
The company had closed the trading window from October 1, 2018, till October 27, 2018. The compliance officer of Biocon had also intimated the designated employees, including Kelath, on September 28, 2018, about the start date and end date of trading window closure as well as the date of opening of the trading window.
"It is noted that the notice, being a designated person, had traded during the trading window closure period which is specifically prohibited. The notice is found to have sold 15,000 shares worth Rs. 1,00,50,000/- on the market on October 01, 2018," Sebi noted.
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