Electrosteel Castings Settles Insider Trading Case with Sebi for Rs 18 Crore

Electrosteel Castings, along with 14 other entities, settled an insider trading case with Sebi, paying a total of Rs 18 crore. They were required to disgorge Rs 11.68 crore in unlawful gains with interest. The entities agreed to stay away from securities markets for six months.

Electrosteel Castings and 14 other entities have concluded an insider trading investigation with the Securities and Exchange Board of India (Sebi) by paying a settlement amount of Rs 18 crore. The settlement involves disgorging unlawful gains of Rs 11.68 crore, alongside interest.

The involved entities, including managing directors Umang and Mayank Kejriwal, voluntarily agreed to refrain from participating in securities markets for a six-month period. The settlement comes after the parties filed separate settlement applications, avoiding admissions of guilt regarding the alleged insider trading violations.

Sebi's investigation focused on potential breaches of the Prohibition of Insider Trading (PIT) rules, particularly surrounding undisclosed price-sensitive information regarding an amalgamation involving Electrosteel Castings. The applicants have settled their case after complying with Sebi's settlement terms.