New Delhi, Nov 23 (PTI) Markets regulator Sebi on Tuesday levied a total fine of Rs 25 lakh on an individual for insider trading in the scrip of L&T Finance Holdings Ltd.

"The facts of the case clearly bring out the default made by the Noticee that being an insider, he traded in the scrip having possession of UPSI, traded during trading window closure period, failed to obtain pre-clearance, failed to make disclosure for his trading and made contra trades," Sebi said.

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Noticee refers to Uday Agarwal.

The unpublished price-sensitive information (UPSI) pertained to financial results for the period ended June 30, 2018.

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The period of UPSI was from July 7, 2018, to July 20, 2018.

By virtue of his involvement in the financial results, he had access to the UPSI and was considered an insider, Sebi noted.

Being an insider, he traded when in possession of UPSI, thereby violating PIT norms that provide for a complete restraint on trading by the insiders when in possession of UPSI.

In addition, he made wrong disclosures to the firm in respect of his trades.

Also, he was required to take pre-clearance in respect of his trades having aggregate buy/sell value in excess of Rs 10 lakh in one transaction or a series of transactions in the scrip of L&T Finance in F&O segment during quarters ending June 2018, September 2018 and December 2018.

However, he failed to do so. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)