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SEBI penalises 2 persons for violating insider trading norms in Mindtree case

SEBI penalises 2 persons for violating insider trading norms in Mindtree case
October 21
18:56 2021

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.

PTI

October 21, 2021 / 06:28 PM IST

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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 of Insider Trading) Regulations stands established due to failure to make the requisite disclosures pursuant to executing transactions in excess of Rs 10 lakh during the investigation period, SEBI said in similar-worded orders.

Noticees refer to Yerramalla and Lingamaneni. Under the PIT Regulations, certain entities of the company are required to file disclosures to the company within two trading days of transactions, if the value of the securities traded is more than Rs 10 lakh whether in one transaction or a series of transactions over any calendar quarter.

Under the PIT Regulations, certain entities of the company are required to file disclosures to the company within two trading days of transactions, if the value of the securities traded is more than Rs 10 lakh whether in one transaction or a series of transactions over any calendar quarter.

SEBI received a letter in October 2018 from Mindtree informing it about instances of violation of the code of conduct framed by the company under the insider trading rules by two of its employees and action taken pursuant to the same.

Subsequently, the Securities and Exchange Board of India (SEBI) had started examining the matter.

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