SEBI levies monetary fine on 2 employees of Mindtree

Mindtree had informed SEBI regarding instances of the violation of the code of conduct framed by the company under the Prohibition of Insider Trading (PIT) norms by two of its employees.

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Markets regulator SEBI on Monday imposed a monetary fine on two employees of Mindtree Ltd, for disclosure lapses, in violation of insider trading norms.

Mindtree had informed SEBI regarding instances of the violation of the code of conduct framed by the company under the Prohibition of Insider Trading (PIT) norms by two of its employees.

The investigation was carried out during January-March 2019.

Praveen Udhayasuriyan and G V D Prasad Rao had failed to make the requisite disclosures within the stipulated time for their transactions in the firm’s scrip, in terms of PIT norms.

Sebi in separate orders noted that their violations affect multiple stakeholders and have an impact on the entire securities market.

The regulator has levied a fine of Rs 1 lakh each on them.

Separately, Sebi slapped a fine of Rs 1 lakh each on two employees of Titan Company Ltd. Pooja Chauhan and Rajesh Chamy, being employees of the company, were required to make disclosures to Titan for their transactions.

The disclosure requirements in terms of PIT regulations were triggered because their traded value of transactions in the scrip of Titan exceeded Rs 10 lakh.

The order follows an investigation conducted during April 2018-March 2019.

The regulator had received a letter from Titan, wherein the company intimated about violation of PIT regulations and the company’s code of conduct for the prevention of insider trading by some of its designated persons/employees.