Titan case: SEBI settles show cause notice against 22 people
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The Securities Appellate Tribunal (SAT) in its judgment on February 7 set aside Sebi’s order against 22 persons for violating insider trading norms in TCL shares and directed the regulator to pass a fresh order.
New Delhi. Capital market regulator Sebi on Thursday disposed of the show cause notice issued against 22 persons for not proving the allegation of violation of insider trading rules in the Titan Company Limited (TCL) case. The Securities Appellate Tribunal (SAT) in its judgment on February 7 set aside Sebi’s order against 22 persons for violating insider trading norms in TCL shares and directed the regulator to pass a fresh order.
SEBI in its latest order said that the 22 persons (notice) were not designated employees of the company and hence they are not bound to make disclosures under ‘PIT’ (Prohibition of Insider Trading) Rules. Therefore, the judicial proceedings against the notices initiated vide show cause notices on August 9, 2021 stand disposed of without imposition of any penalty, it said.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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