Two Videocon Industries promoter cos penalised by SEBI for violating insider trading norms

New Delhi, (PTI): Markets regulator Sebi on Monday penalized Videocon Realty and Infrastructures Ltd and Electroparts (India) Pvt Ltd for making wrong disclosures concerning transactions in shares of Videocon Industries.

The entities have violated Prohibition of Insider Trading (PIT) norms, according to two separate orders.

Both the entities are promoters of Videocon Industries, as per shareholding data available with BSE for the quarter ended September 2020.

The orders follow an investigation conducted by the regulator between April-September 2017.

It was found that they had made wrong disclosures concerning an off-market transfer of Videocon Industries shares.

The transactions were shown as pledges instead of the off-market by the entities.

Under PIT Regulations, an entity being a promoter/director/designated person of the company has to file disclosures to the company within two trading days of such transactions, if the value of the securities trading, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value above Rs 10 lakh.

For violating the norms, the firms are facing a fine of Rs 1 lakh each.(PTI)