- SEBI has given this ruling in a 68-page order on Tuesday.
- Rakhi trading case decided in separate order of 10 pages
Jun 30, 2020, 07:42 PM IST
Mumbai. Market regulator SEBI has imposed a penalty of Rs 93 lakh 24 thousand 57 on Haresh Premanand Jasnani in the matter of insider trading of United Spirit shares. The stock was traded from January 1, 2014 to April 17, 2014. It was investigated by SEBI. After this, on Tuesday, SEBI ordered this penalty to be paid.
Share prices increased on 15 April 2014
Sebi said in its order that before the market opened on 15 April 2014, Riley BV informed PAC Diageo that it was buying 3.77 crore shares of United Spirit at Rs 3,30 per equity share. The company's stock then closed at Rs 2,557 on 14 April 2014. It reached Rs 2,853 on 15 April. The stock saw a gain of 11.57 percent in one day. The company announced the open offer on 15 April 2014.
Secret notifications leaked
In this, Riley BV and PAC were to bring open offers for the purchase of shares in United Spirit. SEBI found that on April 15, when the open offer was announced at 26 per cent, the share price was fixed at Rs 3,030. Meanwhile, this offer was announced on April 15, before the market opened. But SEBI found that the period for UPSE i.e. price sensitive information was from 12 March 2014 to 14 April 2014. That is, this information could not be leaked during this period.
Three people were involved with insider trading
SEBI stated that Poonam and Varun Jasnani were involved in insider trading in the case. While these people used to give information to Haresh Parmanand Jasnani. Parmanand Jasani is Varun Jasani's brother-in-law. SEBI found that the shares of the company were traded on the basis of these information. With this, Poonam transferred Rs 18.40 lakh to the account of Haresh Jasnani. This money came from Religare Securities. After receiving this money, Haresh transferred it to his daughter Maneka's account.
SEBI found that Haresh, Poonam and Varun were involved in insider trading. Similarly, in another case, SEBI has imposed a penalty of Rs 5 lakh on Rakhi Trading. This penalty has been charged for not disclosing in a scrip.