SEBI slaps Rs 2 lakh fine on Biocon official, bars from securities market for 3 months
New Delhi: Regulator Sebi has restrained an official of Biocon Ltd from accessing the securities market for three months and also levied monetary penalty for contravening insider trading norms.
Biocon had announced information relating to its collaboration with Sandoz and the period of unpublished price sensitive information (UPSI) was from December 20, 2017 to January 18, 2018, The Securities and Exchange Board of India (Sebi) noted in an order passed late on Wednesday.
For violation of market norms, Sebi barred Tambe from the securities market for three months and during this period, he was also restrained from associating himself with any listed public company and any public company which intends to raise money from the public or any intermediary registered with Sebi other than Biocon.
Tambe is also facing a total fine of Rs 2 lakh which needs to be paid within 45 days.
Read also: Insider Trading: Biocon, its designated person slapped Rs 14 lakh fine by SEBI
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