SEBI bans three people in JEEL insider trading case
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Markets regulator SEBI has banned three persons from the stock market for two years in a case related to insider trading in the shares of Zee Entertainment Enterprises Ltd (ZEEL).
Markets regulator SEBI has banned three persons from the stock market for two years in a case related to insider trading in the shares of Zee Entertainment Enterprises Ltd (ZEEL). The Securities and Exchange Board of India (SEBI) has also imposed a fine of Rs 90 lakh each on the banned Bijal Shah, Gopal Ritolia and Jatin Chawla.
They have been asked to pay the fine within 45 days. Sebi, in its order issued on Friday, has also directed Ritolia and Chawla to refund Rs 7.52 crore and Rs 2.09 crore, respectively, of illegally acquired amounts along with interest. The case pertains to insider trading in the shares of ZEEL. Sebi said in a statement that Bijal Shah, the then head of financial planning and analysis, strategy and investor relations at ZEEL, had access to unpublished sensitive information.
He passed on this information to Ritolia and Chawla, using which both of them made a profit of Rs 7.52 crore and Rs 2.09 crore respectively. According to Sebi, Shah was not held responsible for insider trading but played a key role in passing on unpublished sensitive information to Ritolia and Chawla, which led to violation of relevant regulations.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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