Sebi fines 2 persons for violating insider trading norms in Mindtree case
Markets regulator Sebi on Thursday penalised two persons for violating insider trading norms with respect to shares of Mindtree Ltd.
Through two separate orders, the watchdog imposed a fine of Rs 1 lakh each on Uday Kiran Lingamaneni and Virat Kumar Yerramalla, who were employees of Mindtree at the time of violation.
Sebi noted that Lingamaneni and Yerramalla had transacted in the scrip of the company on multiple occasions, including during the investigation period (January-March 2019).
It was further observed that both had traded in excess of Rs 10 lakh in the scrip during the period. However, they did not disclose about their respective transactions to the company as required under the insider trading norms.
Lingamaneni had executed three transactions worth Rs 68.18 lakh during January-March 2019 period while Yerramalla had executed five transactions with the total traded value of Rs 57.96 lakh, the orders noted.
The allegation that the noticees have violated PIT (Prohibition