SEBI Slaps Rs 25L Fine, 1-Year Market Ban on 2 Individuals For Insider Trading in Jagsonpal Pharma
NSE analyzed JPL trades, flagged patterns suggesting insider trading based on UPSI deemed price-sensitive, leading to action.;
New Delhi: Sebi has barred two individuals from the securities markets for one year and imposed a fine of Rs 25 lakh for indulging in insider trading in the shares of Jagsonpal Pharmaceuticals.
Individually, the regulator slapped a fine of Rs 15 lakh on Maneesh Kumar Jain and Rs 10 lakh on S V Subha Rao (former Chief Finance Officer of Jagsonpal Pharmaceuticals Ltd), Sebi said in an order passed on Friday.
Apart from these, the regulator has also directed Maneesh Kumar Jain to disgorge Rs 31.39 lakh along with the interest of 12 per cent per annum from February 22, 2022 till the date of deposit of the amount by Jain.
Sebi in its order noted that Rao, being the "insider", had communicated the unpublished price sensitive information unpublished price sensitive information (UPSI) with respect to substantial acquisition of shares to Maneesh Kumar Jain that led to the execution of trade by Jain in the scrip of JPL on February 21, 2022 i.e. during the UPSI period, thereby, violating the provisions of PIT rules.
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