Wednesday, October 27, 2021
News

SEBI fines Venugopal Dhoot, two others on charges of insider trading

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Mumbai | Wednesday, 2021 1:45:05 AM IST
Market regulator SEBI has imposed monetary penalties on Videocon Industries Ltd (VIL) promoter, Venugopal Dhoot, and two other entities on charges on insider trading that resulted in unusual movement and fall of VIL scrip during the period between April and September 2017.

In its order, the SEBI has imposed Rs 25 lakh fine each on Dhoot and Electroparts (India) Pvt Ltd (erstwhile Shree Dhoot Trading and Agencies Ltd), and Videocon Realty and Infrastructures Ltd for possible insider trading and volume manipulation.

"During the investigation, SEBI had observed prima facie violations of Regulation 4(1) of SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred as 'SEBI PIT Regulations, 2015'), read with Sec 12A (d) & (e) of Securities and Exchange Board of India Act, 1992, (hereinafter referred as 'SEBI Act, 1992')...," it said.

Based on the findings of the investigation, the SEBI initiated adjudication proceedings in the matter and issued show cause notice to all the promoter entities. But despite repeated reminders, neither in person hearing could be undertaken nor was any reply to notices received.

"Considering the fact that the noticees have neither filed any reply nor have availed the opportunity of personal hearing despite being granted opportunities for the same, I am of the view that the noticees have nothing to submit, and in terms of rule 4(7) of the SCR Rules, the matter can be proceeded ex-parte on the basis of material available on record. In absence of any response from the noticees to the SCN, I presume that the noticees have admitted the charges levelled against them," its order said.

The regulator has given all the noticees 45 days to pay the said amount of penalty. In the event of failure to pay, necessary recovery action may be proceeded.

--IANS sn/vd

( 307 Words)

2021-09-28-19:42:04 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
121 Finance goes live on OCEN enabled Ge...
SLS Nagpur to organize a Virtual Nationa...
Darwinbox appoints Ex. Alight APAC Head ...
Bring Italy to your home as Sirca empowe...
Kauvery hospital emphasizes on right dia...
Z Films Entertainment's first movie SAHE...
More...
 
INDIA WORLD ASIA
Mehbooba Mufti's plea challenging vires ...
Amid 'trouble' in Bihar grand alliance, ...
Nawab Malik posts photographs of NCB off...
Rajasthan school teacher sacked for 'cel...
Hyderabad doctors wear helmet on duty to...
Mansukh Mandaviya to meet state health m...
More...    
 
 Top Stories
Neeraj, Ravi and Mithali to get Khe... 
Moderate rainfall expected in Tamil... 
The great son of the great steppe... 
Drugs on cruise case: Bombay HC adj... 
China rejects US call for Taiwan's ... 
Tiger Shroff to shoot longest sched... 
Uttarakhand rains: Death toll climb... 
Covid-19 virus test results may var...