Former Directors Of Balaji Amines Pay Rs.27.95 Lakh To Settle Insider Trading Case With SEBI
They applied early this year, without admitting or denying the findings and conclusions of the law
By: : Suraj Sinha
Update: 2024-10-03 13:45 GMT
Former Directors Of Balaji Amines Pay Rs.27.95 Lakh To Settle Insider Trading Case With SEBI
They applied early this year, without admitting or denying the findings and conclusions of the law
Two individuals Naveena Chandra Thammishetty and Kashinath Revappa Dhole have settled a case with the Securities and Exchange Board of India (SEBI) for allegedly violating the insider trading rules in the Balaji Amines Ltd scrip after paying Rs.27.95 lakh.
Thammishetty and Dhole were independent directors of Balaji Amines and resigned from the company in May 2023.
The order of Barnali Mukherjee, the adjudicating officer of SEBI reed, “The instant proceedings initiated against the applicants (Naveena Chandra Thammishetty and Kashinath Revappa Dhole) vide a 27 December 2023 show-cause notice, is disposed of in terms of the Settlement Regulations.”
The capital markets regulator had initiated adjudication proceedings against the applicants for alleged violation of the Code of Conduct of the SEBI (Prohibition of Insider Trading) Regulations, 2015.
SEBI’s High Powered Advisory Committee (HPAC) recommended that the case could be settled upon payment of Rs.13.97 lakh by each applicant. The matter was resolved after remitting the amount.