Individual pays over Rs 15 lakh to settle insider trading case with Sebi

An individual has settled a case with Sebi in a matter related to an alleged violation of insider trading norms by paying over Rs 15 lakh towards settlement charges. The regulator had initiated adjudication proceeding against the individual -- V Arindkumar Iyengar -- in July 2017 for alleged insider trading in the scrip of Financial Technologies Ltd, now known as 63 Moon Technologies.

It was alleged that Iyengar failed to make requisite disclosures for the transactions carried out by him in the scrip of the firm, under the relevant provisions of the Prohibition of Insider Trading (PIT) Regulations, Sebi said in an order dated May 31. However, while the proceedings were pending, Iyengar in March 2019 filed an application under settlement mechanism of Sebi and proposed to pay Rs 15,34,463 lakh as settlement charges without admitting or denying the guilt.

The amount after the approval of panel of whole-time members of Sebi was remitted by V Arindkumar Iyengar in May 2019. Accordingly, "the pending adjudication proceedings initiated against the Notice ... is disposed of," Sebi said.

Besides, the regulator said that if any representation made by the individual in the settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencing of proceedings can be initiated against him.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)