Indiabulls Real CFO fined Rs 10 lakh by Sebi for insider trading
Anil Mittal, the chief financial officer of Indiabulls Real Estate has been fined Rs 10 lakh by markets regulator Sebi after he was found guilty of insider trading.
An analysis of the trading activity with regard to Indiabulls Real Estate Limited(IBREL) was conducted by the Securities and Exchange Board of India(Sebi) in the duration of January-June 2017.
The analysis brought forth that Mittal was involved in trading of shares of IBREL while being responsible for the unpublished price sensitive information(UPSI) related to the sale of shares by the promoter entity of the company, that is, IBREL IBL Scheme Trust.
He was part of the meeting of the operations committee of IBREL, when it decided upon the sale of 4.25 crores worth of shares held by the Trust on June 8,2017 according to the order passed by Sebi.
According to Sebi, “…Noticee (Mittal) being a senior employee (chief financial officer) of IBREL in the instant case had traded in the shares of IBREL while being in possession of UPSI in violation of the Sebi (PIT) Regulations.”
Writer – Arunima SenGupta