Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs2 lakh on Rahul Sharma for multiple violations of the Prohibition of Insider Trading (PIT) Regulations, 2015, relating to his trades in the shares of Swan Energy Ltd (SEL). SEBI’s probe found that Mr Sharma, a designated person of SEL, had carried out trades and contra trades worth over Rs10 lakh without obtaining mandatory pre-clearance from the company’s compliance officer. He also failed to report these transactions within the prescribed time. These lapses were held to be violations of Regulation 9(1) read with Clauses 6 and 10 of Schedule B, and Regulation 7(2)(a) of the PIT Regulations. During the inquiry, it was noted that Mr Sharma had executed contra trades and later disgorged prof

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