Latest News | Titan Case: Sebi Disposes of Show Cause Notices Against 22 Individuals
Get latest articles and stories on Latest News at LatestLY. Capital markets regulator Sebi on Thursday disposed of show-cause notices issued against 22 individuals as the allegation of violation of insider trading rules was not established in Titan Company Ltd (TCL) case.
New Delhi, Mar 9 (PTI) Capital markets regulator Sebi on Thursday disposed of show-cause notices issued against 22 individuals as the allegation of violation of insider trading rules was not established in Titan Company Ltd (TCL) case.
The order came after the Securities Appellate Tribunal (SAT) in its ruling on February 7 had set aside Sebi's order against 22 individuals for violating insider trading norms in the shares of TCL and directed the regulator to pass a fresh order.
Also Read | Reliance Jio Launches 5G Services in 27 Cities in India, Tally Rises to 331; Check Details Here.
In its latest order, Sebi said the 22 individuals (noticees) were "not designated employees" of the company and therefore, were not obligated to make disclosures under the PIT (Prohibition of Insider Trading) norms.
Therefore, the adjudication proceedings against the noticees initiated through show-cause notices dated August 9, 2021 stand disposed of without imposition of any penalty, it said.
In the matter, Sebi had initiated adjudication proceedings against the individuals for alleged violation of PIT norms in the scrip of Titan during the period April 2018 to March 2019.
(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)