New Delhi, Jun 24 (PTI) Capital markets regulator Sebi on Friday imposed fines totalling Rs 4 lakh on four individuals for violation of insider trading norms in the shares of Mindtree Ltd during the January-March 2019 period when they were designated employees.

The regulator levied a fine of Rs 1 lakh each on Chirag Malhotra, Meenakumari M, BG Dhananjaya and Nikhil Jain, according to four separate orders.

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The order came after Sebi had investigated the scrip of Mindtree after it was intimated about contravention of prohibition of insider trading norms and the company's code of conduct for prevention of insider trading by some of its designated persons/employees.

The regulator found non-compliance by the individuals to the regulations during January-March 2019 period.

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During their employment with Mindtree, they had transacted in the securities of the company but failed to make disclosures to the firm as required under the (Prohibition of Insider Trading) rules, as per Sebi.

The disclosure requirements were triggered on account of the transactions concerned exceeding the market value of Rs 10 lakh.

For violation of the norms, the individuals have been penalised by the regulator.

(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)