Markets regulator Sebi on Friday imposed penalties on three individuals for violation of insider trading norms in the shares of Titan Company Ltd during the April 2018 to March 2019 period when they were designated employees.
A fine of Rs 1 lakh each has been imposed on G S Saravanan, Ashik M P and V L George, according to three separate orders.
Sebi had conducted an investigation into the shares of Titan after it was intimated about contra- vention of prohibition of insider trading regulations and the company’s code of conduct for prevention of insider trading by some of its designated persons/ employees.
The probe found non- compliance by the individu- als with respect to the regulations during the April 2018 to March 2019 period.
During their employ-ment with Titan, they had transacted in the securities of Titan Co Ltd but failed to make the requisite disclosures to the firm as required under the prohibition of insider trading norms, as per Sebi.
The disclosure requirements were triggered on account of the transactions concerned exceeding the traded value of Rs 10 lakh. For violation of the norms, the individuals have been penalised by the regulator.